Long

Bat on GBPCAD 4h

Updated

Pattern is about to complete. I'm not a big fan of the pair... and some movements look weird on this one... proceed with caution and wait to see how PA moves on the zone.

Numbers look like:

Entry: 1.66752
SL: 1.65950
TP1: 1.68203 (.236 AD 1.79 RR)
TP2: 1.69097 (.382 AD 2.91 RR)
TP3: 1.69820 (.500 AD 3.81 RR)

Adjust them when D is totally defined.

Note

PA is there.

The first 1h candle to close under (20 pips) the projected D point looks like a solid bearish one...

I'll keep looking for an entry reason at 1h and/or 15m time frames. If can't find one (before going to sleep), I'll put a little Stop Order on D just in case.

Trade active

Super nice and clean rebound. +120 pips in the last 14 hours and only one very small retrace.

Took the trade on its way up at 1.66752 with a stop order.

D point defined at 1.66468, so if you want to change targets new values are:
TP1: 1.67984 (.236 AD 1.53 RR)
TP2: 1.68922 (.382 AD 2.72 RR)
TP3: 1.69681 (.500 AD 3.64 RR)

(i'll keep the original ones)

Trade active

TP1 reached... took 1/3 of the position. Moving to Break Even.

Free ride to TP2.

Trade active

Gigantic move from TP1 to TP2... just one bar...

So I decided not to take profits on TP2, move SL to TP1 and start trailing, and continue with the 2/3 of the position to TP3.

Trade active

Another very fast move to TP3! Not taking profit either, but I'm going to start trailing really tight.

Next target is 1.70542 (0.618 level)

Trade closed: target reached

0.618 level reached!! Took the other 2/3 of the position (379 pips).

Very nice one... Final numbers:

123 pips * 1/3 + 379 pips * 2/3 = 294 pips, for a 3.66 RR

Not bad!!

EnzoDamario

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