There is a possible bearish bat for NZDUSD. I am looking for a bearish bias at the potential reversal zone starting at 0.69717 and sell with confirmation. Stop loss is just above point X while take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg AD and point A. If the trade setup remains valid, then I will post the specific details. In case both point D and price entry are 0.69717, then the tentative details are as follows:
Trade Setup: Possible Bearish Bat
Price Entry 0.69717
SL 0.69918 | SL pips 20.1
TP1 0.69268 | TP1 pips 44.9
TP2 0.68990 | TP2 pips 72.7
TP3 0.68541 | TP3 pips 117.6
RRR1 2.23 | RRR2 3.62 | RRR3 5.85
Trade Setup: Possible Bearish Bat
Price Entry 0.69717
SL 0.69918 | SL pips 20.1
TP1 0.69268 | TP1 pips 44.9
TP2 0.68990 | TP2 pips 72.7
TP3 0.68541 | TP3 pips 117.6
RRR1 2.23 | RRR2 3.62 | RRR3 5.85
Bình luận:
I entered the trade by placing a sell limit with the same parameters. My confirmation of the bearish bias is the rejection of further uptrend.
Bình luận:
This setup is canceled as price did not come back to the price entry before going to TP1. (May 22)