2618 LONG w/ ext TP for another SHORT opp + BIAS
Hi guys we got a 2618 setup for us to go LONG. A conservative way to trade trend reversal/market movement reversal with target points to a pattern completion for us to have another trade opportunity.
2618 Setup: 1.2420 (psychological number). Stops would be below the Double bottom. Obviously if our stops would be hit our potential bearish Bat pattern would also be invalidated. Since the stops would be below the A point of the Bear Bat pattern which is our Double bottom.
TP could be a good 1:1 RR to an extended potential TP point on the Bearish Bat Setup
Bearish Bat Setup: 1.2544
TP 1: 1.2482
TP2: 1.2444
2618 Setup: 1.2420 (psychological number). Stops would be below the Double bottom. Obviously if our stops would be hit our potential bearish Bat pattern would also be invalidated. Since the stops would be below the A point of the Bear Bat pattern which is our Double bottom.
TP could be a good 1:1 RR to an extended potential TP point on the Bearish Bat Setup
Bearish Bat Setup: 1.2544
TP 1: 1.2482
TP2: 1.2444
Comment:
TP 1 on the 2618 setup with 1:1 and now stops with BE on the 2nd position as we expect that we could see and complete a bear bat. Bear Pattern is now invalid.
