EURJPY BAT PATTERN FOREX TRADE IDEA LONG ENTRY

EURJPY BAT PATTERN FOREX TRADE IDEA LONG ENTRY

Snapshot:

EURJPY Bat Pattern Long Forex Trading
EURJPY Bat Pattern Long Forex Trading

Reasons For Trade:

  1. Bat Pattern forming.
  2. Due to sudden drop EUR is reaching oversold area. On H4 it is already oversold but on H1 it is not.
  3. Spikes close to red zone in chart show a Demand area. So price may come back to retest this that is when H1 will be oversold. This can give is a Double Bottom formation.

Stop Placement:

  1. Below point x of bat. Looking left I see another demand area on previous impulse leg. So including that too.

Targets:

  1. First: 38.2 Fibonacci Retracement
  2. Second: 61.8 Fibonacci Retracement

Trade Execution:

  1. At 38.2 close half of the trade and move stops to break even.

Concerns:

Demand are on previous impulse leg is wide and is beyond stop loss limits.

Planned News/Events Expected:

MonOct 26  5:00am EUR German Ifo Business Climate

Post Execution Review:

Pending

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  • TradeYodha

    While most traders were taking entries at completion of 0.886 fib where bat pattern completes, by fine tuning based on supply and demand I was able to get a better price for entry and saved almost 30+ pips.