With the down trade that successfully completed, we also completed a bullish bat pattern on EURGBP. Since the pair is consolidating chances are good that we'll be able to grab some pips on the retracement as well.
The stop loss in this case goes 15 pips (or 1 ATR) below the X-point and sits @ 0.7030. I set 2 targets : The 38.2% retracement of the AD move sitting just below 0.7110 and at previous support (which could turn into resistance). (Reward-Risk approx 1.5:1) The 68.1% retracement of the AD move around 0.7140 and at another previous structure level. (RR : approx 2.5:1)
Trade active
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Entry 0.7060 SL 0.7030
Comment
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RSI divergence on double bottom gave me the additional confirmation I was looking for.
Comment
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TP1 reached - stops rolled to break even for a risk free trade
Comment
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While heading for TP2, a new cypher pattern is being created. Check the EURGBP - Back to back patterns - Bear Cypher link for more information
Trade closed: stop reached
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After taking profits at TP1, our trade reversed and hit the stop loss sitting at break even