KVE
Short

AUD/USD: back into the bat short?

FX:AUDUSD   Australian Dollar/U.S. Dollar
299 2 6
I was short based on the bat from this idea:
AUD/USD: Short from bat completion after 9 bullish candles!


TP1 was met on that one but my SL was hit since I trailed it to 0.7330 instead of BE.

We could still be comepleting TP2 though so I was looking to get back short.

We now broke the "up" trendline of the retracement up from TP1 so I thought it would still give us an opportunity to get back in to the short trade. PA is retesting the broken trendline as we speak, so it might be prudent to wait and see if it doesn't retrace all the way back up.

SL can be just above the D point of the bat or above 0.7400 if you want to give it a bit more wiggle-room.

TP1 is again the 38.2 ret. of the bat's CD leg (could become a possible double bottom , who knows...). TP2 is still the 61.8 ret. of the bat's CD leg.
Trade closed: target reached: All targets reached, good trade!
Comment: Now waiting for this one:
AUD/USD: Bearish target 2 still possible! Bullish bat below!?
It is looking great! Thanks for sharing
Reply
KVE jdelcura
Thanks for your comment!

Consider minimizing your risk by trailing your SL already (not necessarily to BE) or taking some profit and leaving SL. I'm hoping to see at least a double bottom so I'll take a large portion of profit at that level again (if we get there), not leaving too much open for TP2.

I'm also in two dollar shorts on other pairs, which is opposite to this dollar long, but if the aussie is weaker than the dollar than it's all possible... We might also be in for some range trading on this one...
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