Hey, traders. Sorry for being late with posting this idea. If priceaction comes back to D-point BEFORE it goes to 0.382AD then the BAT will still be valid. If not - lnever mind. Although the direction of the bat coinsides with previous trend, I'm not looking for a retest of lows here, because priceaction violated the most resent HL to the upside. This violation initiates a 2618 setup. As I'm already short with bat, I will buy my unit back at 0,618AD to close my short and buy another unit to trigger my long with 2618. Just a reminder I'm not looking for extended targets in my short trade, bat I'm looking for extended targets in my long trade which triggers immediately after the short one is closed. If you are late with the bat short, 2618 long is ok.
Hi, quick question since I am a beginner. When I followed this chart towards the end where you have a shown a bat pattern - can you confirm to me what I am analyzing is correct or not? The price retraces back to the previous support level (from point D to support level of point B) and then you predict the bounce back from the support to reach a new structure high which will be towards the resistance level seen from the left (I believe the entry/exits are deduced in such a manner).
Alexander_Nikitin
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Correct. I was expecting price to go down and test B. Then I was expecting it to reverse and make a NSH. As you see, it did exactly what I was expecting.