EURJPY Bat Pattern Short Trading

EURJPY Bat Pattern Short Trading

Snapshot:

EURJPY Bat Pattern Short Trading
EURJPY Bat Pattern Short Trading

Reasons For Trade:

  1. Bat Pattern

Stop Placement:

  1. As the 1.618 Fix extension is close to point A, and previous structures are also there we need to have bigger PRZ.

Targets:

  1. Take 1:1 target
  2. Extended target at 38.2 because we have 50sma and 200sma there which may not let us go below 38.2.  See concerns below.

Trade Execution:

  1. Take 1:1 target and  close 50%
  2. Move stop to break even

Concerns:

  1. Price has been consolidating. This may invalidate the pattern as what happened in EURUSD few days ago.
  2. SMAs are just below so possibility of having extended targets is low.

Planned News/Events Expected:

ThuOct 22  7:45am EUR Minimum Bid Rate
8:30am EUR ECB Press Conference
FriOct 23 3:00am EUR French Flash Manufacturing PMI
3:30am EUR German Flash Manufacturing PMI

Post Execution Review:

22-Oct-2015: Closed this order. I was waiting for confirmation to take position. Today’s price action has invalids this trade idea. So orders cancelled.

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  • 22-Oct-2015: Closed this order. I was waiting for confirmation to take position. Today’s price action has invalids this trade idea. So orders cancelled.