This is a pattern out of Scott Carneys Book Harmonic Trading Vol. 1 as the Bullish Bat it is almost text book for his perfect Bat. This is on a smaller time frame, but there is a daily BEAR BAT could form on the daily for a good short term position trade! I have the Pending set at what Scott Carney refers to as one of the more significant retracement levels of the Fib besides the .618 or 1.618 and that is the .886. because this pattern will go along nicely with the trend displayed on the time frame I have my profit at 50% of the XA leg!
since the "B" point is at the 50% the alt bat pattern should not come into play! but if it does so happen to then if the .886 fails to rebound the current movement of price... we should see a nice bounce at the 1.13 of the XA leg!
so the pending value is 148.503
Stops at 1.27237
Profit at 1.30656
since the "B" point is at the 50% the alt bat pattern should not come into play! but if it does so happen to then if the .886 fails to rebound the current movement of price... we should see a nice bounce at the 1.13 of the XA leg!
so the pending value is 148.503
Stops at 1.27237
Profit at 1.30656