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Long

Trade of the Week: 1.5.2014-1.10.2014 EUR/NZD Bat Pattern

FX:EURNZD   Euro Fx/New Zealand Dollar
50 1 0
Trade Of The Week

Each and every week we will put out a trade of the week in hopes of educating you through real time market setups. All of our ideas are for educational purposes only but it is your choice to follow or not.

We are going to choose to take a long position here based upon a few factors. We are a little late to the party on the bat pattern showing but the wedge held and the pair has bounced. The bat pattern is still technically valid based upon your rules for where you would set the stop loss. We set out stop loss below the "x" point so it would be valid still for us.

Our first target will be 1.5913 but we will roll to break even once the pair gets to 1.5662. The reason being is there is some good resistance there and we would want to remove all risks. Out stop loss is at 1.5454. If we hit target 1, our second targe will be 1.6118.

Trade:
Stop Loss: 1.5454 - 128
Entry - 1.5582
Target 1 - 1.5913 - 331
Target 2 - 1.6118 - 536

Well as we could have suspected. Once it hit the 1.5662 level, it was rejected vigorously. This is why we rolled our stops to breakeven to protect ourselves. Stopped out of this trade for 0 pips
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