UPDATE #1: TRADE: EURUSD: BUY@1.11407 Bat TP1 Hit (+49 pips)

That minor sr structure continues to have an impact. By my count, that's TWELVE TIMES that zone has halted some price movement since August of this year where I first placed this sr zone! I expect that going forward, it will still continue to play some role. But right now, the resistance caused by that sr zone is causing prices to fall back in a wave b just as I predicted it would. But where will that wave b end and the wave c begin? At the moment, there is a POTENTIAL bullish bat in play that may bring prices back down to near my trade entry. This is no reason to panic! Well, there really never is any good reason to panic as long as you always stick to your trading plan. What's a "trading plan"? If you gotta ask, then you shouldn't be trading!

Anyhow, in fact, if prices do reach the completion of that bat, I will be in a buying mood again! But really, I don't have high confidence that this POTENTIAL bat will complete. But you never can know for sure! It's there nonetheless.

I have posted on the chart where the "standard" TP's for the completed bat are. TP1 was already reached for a nice quick +49 pip profit if you were inclined to take that. I didn't. That's why I did not post on it before. I've also placed the TP2 on the chart as well. IF prices were to get to the TP2 before the NFP today, it might not be a bad idea to take profit there and avoid the NFP altogether. Something I'll consider if it happens.

MY TRADE PLAN
Of course I'm holding fast to my LONG position I already have. But if that bat does fill, I will be looking to buy again as this kind of price action is very bullish! But.....I will be moving my stops on my existing LONG position to just below the D point of the completed bat that triggered this trade as now with the latest PA, if prices were to get through that point, it would stand to reason that prices may start heading down. And if it does take out this trade, I'll start to look for some kind of bearish move to occur.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.