I longed NZDUSD based on the Bullish Bat [blue] last night (the idea is linked below). I was looking for the completion of this large bearish bat but it appears a smaller one may form first. I will use this point to take profit on my NZD longs and switch to short with a stop of the red line @0.7245.
If price hits my stop loss for the small bearish bat I will look to short again at the completion of the larger bat @0.7309
If price hits my stop loss for the small bearish bat I will look to short again at the completion of the larger bat @0.7309
Note
New potential Bullish Bat if the small bearish bat scenario plays out
Note
Looking good... My longs are at breakeven and I have order to take profit on longs 0.7227...will then look to short around 0.7229 (N6H7)
Trade closed manually
TP2 hit...but this was one of my worst managed trades. The price hit the real Tp2 and was 2 pips away from my order...as you can see right after hitting the target it dropped quickly back to the entry. It is painful...tough to manage them on the fly while at work but I need to do better than that! I will need to check if the smaller bearish bat is still valid...and then will either watch and wait for that, the larger bullish or bearish bats or any new pattern that may surface.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.