This post is an update of a previous trade idea which remains valid (www.tradingview.com/...ossible-Bearish-Bat/). As I was waiting for confirmation of the bearish bias, this setup became available. It is based on a double top with broken neckline and formation of a new swing low. As such, I am placing a sell limit at 1.57770 which is the 61.8 Fibonacci retracement from the right top to the swing low. Stop loss is just above the upper (right) top. The take profit targets are the same as those of the bearish bat. The trade details are as follows:
Trade Setup: Double Top
Price Entry 1.57770
SL 1.58313 | SL pips 54.3
TP1 1.56108 | TP1 pips 166.2
TP2 1.54825 | TP2 pips 294.5
TP3 1.52747 | TP3 pips 502.3
RRR1 3.06 | RRR2 5.42 | RRR3 9.25
Trade Setup: Double Top
Price Entry 1.57770
SL 1.58313 | SL pips 54.3
TP1 1.56108 | TP1 pips 166.2
TP2 1.54825 | TP2 pips 294.5
TP3 1.52747 | TP3 pips 502.3
RRR1 3.06 | RRR2 5.42 | RRR3 9.25
Trade active:
June 28
Trade closed: stop reached:
SL hit! (July 2)
