jjburrel
Short

Bearish Bat Formation

FX:GBPNZD   British Pound / New Zealand Dollar
40 0 7
We are currently at market on a bearish bat pattern completion; however, my rules do not allow for a stop of greater than 100 pips. That said, if I can get a move up to 179.50, I will be looking to get short. Looking left we have structure. Stops will be placed right above this zone. Please remember that GBP/NZD has a huge ATR, so please trade with care. Also, this is a longer term trade, so it could take a couple of weeks to play out.


Entry: 179.50
Stop: 180.50
TP1: 1.7440
TP2: 1.7205
Order cancelled: Price action moved a few pips within my desired entry and has since dropped. There will likely be another opportunity to get in at the .886, but as stated, that level is greater than my rules allow for a stop loss. Good luck trading!
Trade active: Price action has moved back into the 179.50 level. Taking a short on this trade based purely on structure. Stops will be set at 180.50.
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