EURUSD has been on a sideways movement with a bearish bias as price has been below the 200 SMA on D1 timeframe. It has completed a bearish bat and was rejected at D completion. As such, I am placing a sell limit order at 1.14751. Stop loss is just above the X point. The take profit target is set at the 61.8 Fibonacci retracement level of the AD leg. I will cancel the pending order if price hits TP1 prior to being triggered. The details are as follows:
Trade Setup: Bearish Bat
Price Entry 1.14751
SL 1.15018 | SL pips 26.7
TP2 1.13708 | TP2 pips 104.3
RRR2 3.91
Trade Setup: Bearish Bat
Price Entry 1.14751
SL 1.15018 | SL pips 26.7
TP2 1.13708 | TP2 pips 104.3
RRR2 3.91