There is a possible bearish bat for EURAUD. Upon D completion at 1.58186 (88.6 of XA) and confirmation of the bearish bias, I will go short. Stop loss is just above point X. The take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg AD and point A. Tentative details are as follows:
Trade Setup: Possible Bearish Bat
Price Entry 1.58186
SL 1.58936 | SL pips 75.0
TP1 1.56108 | TP1 pips 207.8
TP2 1.54825 | TP2 pips 336.1
TP3 1.52747 | TP3 pips 543.9
RRR1 2.77 | RRR2 4.48 | RRR3 7.25
Trade Setup: Possible Bearish Bat
Price Entry 1.58186
SL 1.58936 | SL pips 75.0
TP1 1.56108 | TP1 pips 207.8
TP2 1.54825 | TP2 pips 336.1
TP3 1.52747 | TP3 pips 543.9
RRR1 2.77 | RRR2 4.48 | RRR3 7.25
Trade active:
I considered rejection at D completion as confirmation of the bearish bias. My sell limit order got triggered. (June 27)
Comment:
In addition, there is a double top with broken neckline as additional confirmation of the bearish bias. Please refer to this link for details of the trade idea:
Comment:
TP1 hit! (August 7)
