There is a possible bearish bat for EURNZD. Upon D completion at 1.68107 (88.6 of XA) and confirmation of the bearish bias, I will go short. Stop loss is just above point X. The take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg AD and point A. Tentative details are as follows:
Trade Setup: Possible Bearish Bat
Price Entry 1.68107
SL 1.68467 | SL pips 36.0
TP1 1.67187 | TP1 pips 92.0
TP2 1.66619 | TP2 pips 148.8
TP3 1.65699 | TP3 pips 240.8
RRR1 2.56 | RRR2 4.13 | RRR3 6.69
Trade Setup: Possible Bearish Bat
Price Entry 1.68107
SL 1.68467 | SL pips 36.0
TP1 1.67187 | TP1 pips 92.0
TP2 1.66619 | TP2 pips 148.8
TP3 1.65699 | TP3 pips 240.8
RRR1 2.56 | RRR2 4.13 | RRR3 6.69
Order cancelled:
This setup is invalidated with the formation of a candlestick closing above 1.68107 (88.6 of XA).