EURUSD has been on a downtrend. There is a possible bearish bat. Upon D completion at 1.18130 (88.6 of XA) and confirmation of the bearish bias, I will go short. Stop loss is just above X. The take profit targets are at the 38.2 and 61.8 Fibonacci retracement levels of leg AD and point A. Tentative details are as follows:
Trade Setup: Possible Bearish Bat
Price Entry 1.18130
SL 1.18573 | SL pips 44.3
TP1 1.16965 | TP1 pips 116.5
TP2 1.16245 | TP2 pips 188.5
TP3 1.15080 | TP3 pips 305.0
RRR1 2.63 | RRR2 4.26 | RRR3 6.88
Trade Setup: Possible Bearish Bat
Price Entry 1.18130
SL 1.18573 | SL pips 44.3
TP1 1.16965 | TP1 pips 116.5
TP2 1.16245 | TP2 pips 188.5
TP3 1.15080 | TP3 pips 305.0
RRR1 2.63 | RRR2 4.26 | RRR3 6.88
Order cancelled:
This setup is invalidated as D completion did not occur. (July 9)