Tag Archives: ordercancelled

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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Leave a comment: I would love to hear your thoughts, suggestions on this topic. Please leave a comment.
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Disclaimer: This web site is just my financial trading log and is for educational purposes.
Please do your research, analysis and take your decisions. You must not rely on my actions or analysis.
Please see the Disclaimer page.
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EURUSD Bat Pattern and Gartley Pattern Long and Short Trading

EURUSD Bat Pattern and Gartley Pattern Long and Short Trading

Snapshot:

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

Reasons For Trade:

  1. For long entry we have Gartley pattern completing just above 1.1320
  2. For short entry we have a bat pattern completing around 1.1430 level

Stop Placement:

  1. For long Gartley entry stop needs to be 1 ATR i.e. 13 pips below A.  See concerns below.
  2. For Short Bat Pattern we can have stops just above A around 1.1470

Targets:

  1. First Targets at: 38.2 Fibonacci
  2. Second Targets at : 61.8

Trade Execution:

  1. Take first target and close 60%

Concerns:

  1. 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.
  2. 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.
  3. 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.

---------------------------------------------------------------------------------
Leave a comment: I would love to hear your thoughts, suggestions on this topic. Please leave a comment.
---------------------------------------------------------------------------------
Disclaimer: This web site is just my financial trading log and is for educational purposes.
Please do your research, analysis and take your decisions. You must not rely on my actions or analysis.
Please see the Disclaimer page.
---------------------------------------------------------------------------------