After watching my previous XAGUSD pattern fail - the C leg got broken - I am now looking at a new entry point on this pair. Actually found two. Completions of these patterns is at the point D.
Red bat pattern: Entry: 13.88 Stop: 13.36 Target 1: 14.567 Target 2: 15.060
Blue bat pattern (please note that the stop is pretty high, and therefore makes a lower risk : reward ration than 1) Entry: 17.33 Stop: 18.512 Target 1: 16.343 Target 2: 15.621
Will keep these charts updated when something happens Best of luck!
just a newby question, At what stage do we confirm which patern will be forming ?
11021992
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Mainly the AB leg. If it's a retracement between the 50% fib and the 61.8% fib, then it's a bat pattern.
If its a retracement between 61.8 and 78.6 retracement, its a gartley pattern.
So basically I start with looking for any retracements happening that go further than 50%.
Pattern is completed at point D.
DownUnder
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Thanks for the explanation, much appreciated.
11021992
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You're welcome.
If you need any help, just send me a private message.
DownUnder
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Blue bat looks more likely now, on the way up I guess :-)
11021992
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It's a daily chart, so it might take a while. Everything is still possible :).
DownUnder
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very interesting position we are in now, lets see what happends tonight :-).