EURUSD has been on a recent uptrend amidst a longer term downtrend. With the completion of a bearish bat, I see a continuation of the downtrend and an opportunity to short. Price entry is based on a candle close of 1.19818 which closed lower than the previous 11 candlesticks in an apparent sideways movement. Stop loss level is just above the X point while profit targets are at the 38.2 and 61.8 Fibonacci retracement of the AD leg and the A point.
Trade Setup: Bearish Bat
Price Entry 1.19818
SL 1.20307 | SL pips 48.9
TP1 1.19297 | TP1 pips 52.1
TP2 1.18887 | TP2 pips 93.1
TP3 1.18224 | TP3 pips 159.4
RRR1 1.07 | RRR2 1.90 | RRR3 3.26
Status/Remarks: TP1 hit!
Trade Setup: Bearish Bat
Price Entry 1.19818
SL 1.20307 | SL pips 48.9
TP1 1.19297 | TP1 pips 52.1
TP2 1.18887 | TP2 pips 93.1
TP3 1.18224 | TP3 pips 159.4
RRR1 1.07 | RRR2 1.90 | RRR3 3.26
Status/Remarks: TP1 hit!