Harmonic Fibonacci Bat Pattern
by Sunil Mangwani
The bat pattern
The Bat pattern
In this pattern, the Fibonacci ratios that give reliable reversals are –
a.) The B point is less than the 0.618 retracement of XA.
b.) The D point forms at the 0.886 retracement of XA AND the 161 (minimum) or the 261 projection of BC.
Harmonic patterns apply specific Fibonacci retracements and extensions to a price structure. These patterns can be quite powerful and often give you straightforward entry and exit points. The main advantage of these patterns is that they leave little to guesswork and rely on specific Fibonacci numbers.
Sunil Mangwani website is www.fibforex123.com
More harmonic chart patterns here.
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