EURJPY Bat Pattern Short Trading - TradeYodha
Reasons For Trade:
Bat Pattern
Stop Placement:
As the 1.618 Fix extension is close to point A, and previous structures are also there we need to have bigger PRZ.
Targets:
Take 1:1 target
Extended target at 38.2 because we have 50sma and 200sma there which may not let us go below 38.2. See concerns below.
Trade Execution:
Take 1:1 target and close 50%
Move stop to break even
Concerns:
Price has been consolidating. This may invalidate the pattern as what happened in EURUSD few days ago.
SMAs are just below so possibility of having extended targets is low.
Planned News/Events Expected:
ThuOct 22 7:45am EUR Minimum Bid Rate
8:30am EUR ECB Press Conference
FriOct 23 3:00am EUR French Flash Manufacturing PMI
3:30am EUR German Flash Manufacturing PMI
tradeyodha.com/trade...ttern-short-trading/
Reasons For Trade:
Bat Pattern
Stop Placement:
As the 1.618 Fix extension is close to point A, and previous structures are also there we need to have bigger PRZ.
Targets:
Take 1:1 target
Extended target at 38.2 because we have 50sma and 200sma there which may not let us go below 38.2. See concerns below.
Trade Execution:
Take 1:1 target and close 50%
Move stop to break even
Concerns:
Price has been consolidating. This may invalidate the pattern as what happened in EURUSD few days ago.
SMAs are just below so possibility of having extended targets is low.
Planned News/Events Expected:
ThuOct 22 7:45am EUR Minimum Bid Rate
8:30am EUR ECB Press Conference
FriOct 23 3:00am EUR French Flash Manufacturing PMI
3:30am EUR German Flash Manufacturing PMI
tradeyodha.com/trade...ttern-short-trading/
Order cancelled:
no entry was taken as I was waiting for confirmation