EUR/USD: Bullish bat at support trendline, path to the big bat!?
This is an update of my previous post since it now looks that we will be completing the smaller bullish bat within the triangle pattern. A continued move up through the triangle resistance line above could mean that we will be filling that large bat! So I have now made a gameplan based on these observations and thoughts!
My SL is conservative, as always, below A of the big bat, below 1.1100 and below 1.1080 which was previously an important pivot point.
People who have strict rules on trading bats might take a tighter SL but since I think that A of the big bat is so attractively close to C of the small bat I will take my levels as drawn on the chart (nice opportunity for stopchasing brokers to take out SL's below that A level if you ask me...)!
I have drawn as many as 5 possible targets on the chart:
- TP1: at the upper triangle resistance line: this one I will adjust based on where PA will actually touch it!
- TP2: below previous structure, i.e. B of the big bat
- TP3: below previous structure, look left...
- TP4: below previous structure, look left...
- TP5: below completion of the big bat OR below 1.1400 for people with a 'safe' approach (still deciding myself...)
People who have strict rules on trading bats might take the usual TP's based on the small bullish bat but since the triangle structure is strong I'm not doing that, I could however decide to trail my SL to BE upon reaching those levels though! It will depend on PA...
I'm not saying I will take all 5 targets, maybe only 3 or so, I'm still deciding, but this gives me a few options. And I like to have options... ;-)
As for percentages: I would probably take a considerable 60-80% at TP1, leaving the rest open for the remaining targets and adding after a confirmed breakout above the triangle!
Good luck to all who decide to trade this!
My SL is conservative, as always, below A of the big bat, below 1.1100 and below 1.1080 which was previously an important pivot point.
People who have strict rules on trading bats might take a tighter SL but since I think that A of the big bat is so attractively close to C of the small bat I will take my levels as drawn on the chart (nice opportunity for stopchasing brokers to take out SL's below that A level if you ask me...)!
I have drawn as many as 5 possible targets on the chart:
- TP1: at the upper triangle resistance line: this one I will adjust based on where PA will actually touch it!
- TP2: below previous structure, i.e. B of the big bat
- TP3: below previous structure, look left...
- TP4: below previous structure, look left...
- TP5: below completion of the big bat OR below 1.1400 for people with a 'safe' approach (still deciding myself...)
People who have strict rules on trading bats might take the usual TP's based on the small bullish bat but since the triangle structure is strong I'm not doing that, I could however decide to trail my SL to BE upon reaching those levels though! It will depend on PA...
I'm not saying I will take all 5 targets, maybe only 3 or so, I'm still deciding, but this gives me a few options. And I like to have options... ;-)
As for percentages: I would probably take a considerable 60-80% at TP1, leaving the rest open for the remaining targets and adding after a confirmed breakout above the triangle!
Good luck to all who decide to trade this!
Trade closed: target reached
