EUR/USD weekly update: bullish bat at longterm trendline?
Before we possibly break the longterm "up" trendline we could be up for a re-test of the broken flag trendline.
This bat might be the catalyst for such a move. It is close to completion! My buy limit orders are set at 1.0610...
Stops below the bat X point, which is the March low level.
The usual targets + 1 extended target depending on where PA could be testing that broken flag boundary.
50% at TP1 + SL to BE, 30-40% at TP2 + SL just below TP1, 10-20% at TP3.
The picture is very bearish since we broke through the flag pattern, possibly ending the corrective structure we have been in since early March of this year. Therefor: proceed with caution and choose your position size wisely!
This bat might be the catalyst for such a move. It is close to completion! My buy limit orders are set at 1.0610...
Stops below the bat X point, which is the March low level.
The usual targets + 1 extended target depending on where PA could be testing that broken flag boundary.
50% at TP1 + SL to BE, 30-40% at TP2 + SL just below TP1, 10-20% at TP3.
The picture is very bearish since we broke through the flag pattern, possibly ending the corrective structure we have been in since early March of this year. Therefor: proceed with caution and choose your position size wisely!
Comment:
It seems we got some reaction at that level. Entry missed by 10 pips but as long as the first target isn't hit I'll leave my buy orders unchanged.
Comment:
Target 1 reached! SL to BE, on to TP2!!
Comment:
I'll close if we break support at 1.0800.
Currently back short based on this (hedge trade until either one of two scenario's play out):
I'll add shorts if the direction turns more bearish.
Currently back short based on this (hedge trade until either one of two scenario's play out):
Comment:
Target 1 reached, adjusted target 2 and 3, SL now at 1.0690 in profit!
Look here for an updated view >>
Look here for an updated view >>
Trade closed: target reached:
All 3 targets met, closed everything today!
