EURUSD Bat Pattern and Gartley Pattern Long and Short Trading
Snapshot:

Reasons For Trade:
- For long entry we have Gartley pattern completing just above 1.1320
- For short entry we have a bat pattern completing around 1.1430 level
Stop Placement:
- For long Gartley entry stop needs to be 1 ATR i.e. 13 pips below A. See concerns below.
- For Short Bat Pattern we can have stops just above A around 1.1470
Targets:
- First Targets at: 38.2 Fibonacci
- Second Targets at : 61.8
Trade Execution:
- Take first target and close 60%
Concerns:
- 10sma is in the middle of 50sma and 200sma causing market to get stuck at the moment. So if market goes on to complete Bat pattern it will be in uptrend. That means we will have to be careful about our extended targets.
- If the market goes to complete gartley pattern we may not be in down trend. We will still be consolidating as long as it respects point A. However we will have 50sma and 200sma above us that means we will again have to be careful with our extended targets.
- Also for gartley pattern stop placement is not clear as the next level is below 1.1279 which gives us a huge risk area.
Planned News/Events Expected:
TueOct 20 | 8:30am | USD | Building Permits |
ThuOct 22 | 7:45am | EUR | Minimum Bid Rate | 0.05% | 0.05% | ||||
8:30am | EUR | ECB Press Conference | |||||||
USD | Unemployment Claims |
FriOct 23 | 3:00am | EUR | French Flash Manufacturing PMI | 50.2 | 50.6 | ||||
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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