Simply Chart Patterns

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Archive for the category “Bat Pattern”

Kiwi Bat in Play Now!

Wow! It has been a real volatile week in FX for me.

Approaching the end of this week, I found this Bullish Bat Harmonic Pattern on the H4 chart of NZDUSD, and its currently in play. This pair has kept its recent price action in a range and as price approaches the bottom of the range around 0.82, it also completes the Bullish Bat Harmonic Pattern.

As usual, I’ll leave it to the market to decide how this one will go.

Bullish Bat Harmonic Pattern on NZDUSD H4 Chart

Bullish Bat Harmonic Pattern on NZDUSD H4 Chart

Batting on Tesla

To say that I’m impressed with the performance of Tesla Motors (TSLA) stock price so far would be an understatement. Unfortunately, I late to the game and did not get in to enjoy the massive ride up so far.

But TSLA is now making a correction. And lo and behold, I’ve found what looks like a Bullish Bat Harmonic Pattern forming on the Daily Chart.

Bullish Bat Harmonic Pattern Forming On Tesla Motors (TSLA) Daily Chart

Bullish Bat Harmonic Pattern Forming On Tesla Motors (TSLA) Daily Chart

Looking at my chart above, the D point has confluence of:

  1. An 1.618AB = CD pattern
  2. An 224% retracement of the BC leg
  3. An 88.6% retracement of the XA leg
  4. Minor Resistance turn Support from the highs formed at the end of May 2013.

Let’s see how this one turns out.

[FX-USDSGD] No Go For This Bat After NFP

The price movement as a result of the Non-Farm Payroll announcement made sure that the Bearish Bat Harmonic Pattern I blogged about in my previous post is a no go.

The price has moved down and almost broke below Point C. Even though Point C was not violated to the downside, the most recent price movement after NFP (Circled in orange below),  has come close enough that the essence of a good Bearish Bat Pattern is no longer there.

I have decided to abandon this setup for now.

USDSGD 4-Hour Chart Showing An Invalidated Bearish Bat Harmonic Pattern

USDSGD 4-Hour Chart Showing An Invalidated Bearish Bat Harmonic Pattern

 

[FX-USDSGD] Bearish Bat Harmonic Pattern Spotted

Here’s one from my home currency… A potential Bearish Bat Harmonic Pattern forming on USDSGD 4-Hour Charts. The potential reversal zone is around the 161.8% extension of the BC leg and the 88.6% of the XA leg. I will be watching the price action when and if price reaches this zone.

In this particular case, because the preceding high is so close to Point X, the stop loss for this trade, if it is taken, would be placed above the preceding high.

USDSGD 4-Hour Chart With a Potential Bearish Bat Pattern Forming

USDSGD 4-Hour Chart With a Potential Bearish Bat Pattern Forming

[FX-USDCAD] First Stop, Point B!

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Checking in on my USDCAD short position based on a Bearish Bat Harmonic Pattern while on the bus to work this morning.

Looking at Point B, which coincides nicely with the 38.2% retracement level of the AD leg to take out more of my position and risk as well.

Below that there’s the 61.8% level, which I think for me would be the ultimate goal for this trade.
Read more…

[FX-USDCAD] Bearish Bat Forming – Update

This is an update of the this post I made about the Bearish Bat Harmonic Pattern that was forming on the Daily Chart of USDCAD.

I entered before price reached the actual point D because I realised that price has already touched Point D before I noticed this pattern and before I blogged about it previously. I simply waited for price to rally upwards a little before initiating a short position on this pair.

I’m not ashamed to report that I’m happy that the price moved in the direction that I had planned for and now I have moved my stop loss to breakeven and closed off half of my position. I will be watching how the price will react around Point B and decide whether if I will close more my current position.

USDCAD Daily Chart With Bearish Bat Harmonic Pattern Completion

 

[FX-GBPCAD] Potential Bullish Bat Harmonic Pattern Forming

Harmonic Patterns again. This time it is a potential Bullish Bat Harmonic Pattern forming on the H4 chart of GBPCAD. I will be watching Point D for price action reversal signals.

GBPCAD H4 Chart With a Potential Bullish Bat Forming

[FX-USDCAD] Bearish Bat Forming

I was scanning thru some charts this afternoon in between meetings and I spotted this nice looking Bearish Bat Harmonic Pattern on the USDCAD daily chart.

The pattern is reaching completion as price is testing the 88.6% Fibonacci retracement level.

USDCAD Daily Chart with Bearish Bat Harmonic Pattern

[US Stocks] First Solar (FSLR) Potential Bullish Bat Forming

I just spotted a potential Bullish Bat Harmonic Pattern forming on First Solar (FSLR) daily charts. It looks almost perfect. I’m watching the green zone as a possible reversal point.

FSLR – Potential Bullish Bat Forming

Bullish Bat Forming On AUD/CHF 4-Hour Chart

Bullish Bat Forming On AUD/CHF 4-Hour Chart

Last one for tonight…. A Bullish Bat forming on the 4-hour chart AUD/CHF. The following are the features of this particular pattern:

  1. The AB leg retraced to the 50% Fibonacci retracement level of the XA leg
  2. The 161.8% Fibonacci extension level of the AB leg falls almost to the pip on the 88.6% Fibonacci retracement level of the XA leg
  3. The 200% Fibonacci retracement level of the BC leg also falls very close to the 88.6% Fibonacci retracement level of the XA leg

My trade plan is as usual

  1. Place pending order to buy at Point D
  2. Stop loss goes 20 pips below Point X
  3. Target 1 is at the 38.2% Fibonacci retracement level of AD
  4. Target 2 is at the 61.8% Fibonacci retracement level of AD

Happy Pip Hunting to All!

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