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!
*DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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its going up . strong buy trend may push up to 1.103ish
mecom
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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.
EverythingForex
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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.