EURCAD has been on a recent downtrend which was punctuated by a CAD rate hike as expected. On the H1 timeframe, we can see a bullish pin bar right at the potential reversal zone of a bullish bat. In addition, there was a follow through of the bullish bias. As such, I am placing a buy limit at the candlestick close of that pinbar. Stop loss is just below the X point. The take profit target is at the 38.2 Fibonacci retracement level of the leg AD which takes into account the recent trendline resistance. I will cancel the pending order if price goes to TP1 before getting triggered. Trade details are as follows:
Trade Setup: Bullish Bat
Price Entry 1.48000
SL 1.47548 | SL pips 45.2
TP1 1.49135 | TP1 pips 113.5
RRR1 2.51
Trade Setup: Bullish Bat
Price Entry 1.48000
SL 1.47548 | SL pips 45.2
TP1 1.49135 | TP1 pips 113.5
RRR1 2.51