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UPDATE #1:TRADE: EURUSD: Bearsih Bat TP1 Hit (+44 pips)

FX:EURUSD   Euro / US-Dollar
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In my previous post (see Related Ideas: "TRADE: EURUSD: Completed bearish bat - possible +44 to +129 pips"), I posted about this bearish bat pattern. It's TP1 has been hit for +44 pips but will it hit the TP2? Personally, I've closed 70% of my SHORT position and will let 30% ride but I will use a 10 pip trailing stop on it instead of moving to break even. Why? Because I am VERY BULLISH on this pair and I want to be LONG on this pair. As soon as the remainder of my SHORT position is either taken out or has hit TP2, I'm going to look to get LONG.

GL!

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its going up . strong buy trend may push up to 1.103ish
+1 Antworten
Instead of taking a SHORT position, I preferred to add new LOT's to my LONG position around 1.0915 and 1.0935 in two equal slices. But your strategy looks much more profitable. Thx.
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To each his own. As I say, everyone needs to trade according to their own trading plan and risk tolerance. If you can afford the potential drawdown should it fall further, by all means...go for it! The LONG position from here to where I'm projecting it might go is much more than worth it! In fact, I already hold a few LONG positions on this pair from the Gartley bottom.

GL and thanks for the comment!
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