Simply Chart Patterns

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Archive for the category “Bullish”

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-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

[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!

Bullish Bat Pattern Forming on the 4-Hour Chart of AUD/USD

Bullish Bat Pattern Forming On the 4-Hour Chart of AUD/USD

The second pattern found from tonight’s search.

This time its a Bullish Bat Pattern forming on the 4-Hour Chart of AUD/USD. The key features of this pattern are listed below

  1. The AB leg retraced to exactly 50% Fibonacci retracement level of the XA leg. A requirement for a good bat pattern.
  2. The 200% Fibonacci retracement level of the BC leg falls almost right on top of the 88.6% Fibonacci retracement level of the XA leg. Confluence of two Fibonacci levels.
  3. A CD leg whose length is 1.618 times of the AB leg would make point D also close to the 88.6% Fibonacci retracement level of the XA leg. The second piece of confluence of Fibonacci ratios.

All the points above point to a formation of a good, almost perfect Bullish Bat Pattern.

My trade plan is as follows:

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

Happy Pip Hunting to All!

Bullish Bat Pattern Forming On the Daily Chart Of NZD/USD

NZD/USD Daily Chart Showing A Bullish Bat Pattern

Here’s the Daily Chart of the NZD/USD pair. There is a Bullish Bat Pattern forming. The XA, AB and BC legs have completed. I’m now waiting for the completion of the CD leg. Below are the relevant Fibonacci Ratio layout of this particular pattern:

  1. The AB leg retraces to slightly more than 50% Fibonacci retracement level of the XA leg. Good thing is that it did not touch the 61.8% level, which would probably make it a Bullish Gartley instead.
  2. The BC leg retraces back up to the 78.6% Fibonacci retracement level of the AB leg. I would have preferred it to stop at 61.8% instead.
  3. The 161.8% Fibonacci Extension level of the AB leg falls at roughly 30 pips below the 88.6% Fib retracement level of the XA leg. I would have preferred them to coincide closer.
  4. The 161.8% Fibonacci Retracement Level of the BC leg falls almost on top of the 88.6% Fibonacci retracement level of the XA leg.

This is not the most perfect of Bat patterns, but it isn’t too bad too. There is still a strong confluence of Fibonacci levels at Point D. Given the good Risk to Reward ratio for this trade, I think it is a viable trading opportunity.

Trade Plan

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

Well, we have to wait and see how it will turn out. All we can do is to identify good setups, formulate a trade plan and then execute the trade plan to the best we can. The rest is in the hands of the Market.

Happy Pip Hunting to All!

Bullish Bat Pattern Forming Up on GBP/JPY 4-Hour Chart

GBP/JPY 4-Hour Chart With a Bullish Bat Pattern Forming

I marked up this chart last week and it slipped my mind to post it here. Luckily, as you can see from the Pic above, we are still not too late to standby to take on this trading opportunity.

What you see above is a Bullish Bat Pattern forming up on the GBP/JPY 4-hour chart. Below are some of the features of this particular pattern.

  1. The AB leg retraces to the 50% Fibonacci Retracement Level of the XA leg.
  2. The BC leg retraces to the 88.6% Fib retracement level of the AB leg.
  3. The 161.8% Fib extension level of the AB leg falls very close to the 88.6% fib retracement level of the XA leg
  4. The 161.8% Fib retracement level of the BC leg also falls closely to the 88.6% Fib retracement level of the XA leg.
  5. Point D is a confluence of all these Fibonacci levels, and also a previous support level too (look left).

My personal trade plan is to:

  1. Place a pending order to buy at Point D
  2. Stop loss will be 20 pips below Point X
  3. Target 1 will be the 38.2% retrace level of AD
  4. Target 2 will be the 61.8% retrace level of AD

Happy Pip Hunting to All!

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