The bat completes around a possible S/R zone so my entry is a bit lower (right at that zone) then where the bat would ideally end.
The "up" channel was breached briefly, we are now back inside, we could therefor still be on our way up to breach the possible ascending triangle to the upside...
However: If this bat completes then the 'up' channel will definately be broken to the downside which could be a bearish sign too...
SO NOTHING IS SURE AS ALWAYS! A reversal as well as more sideways movements are possible...
So choose your SL wisely! SL should be below X and that possible S/R zone. Be careful though, there is another possible S/R zone lower, so ideally I would place my SL below that zone but then the R/R is quite bad and the bearish reversal scenario could then be confirmed... Therefor keeping my SL tight enough (but not too tight...)!
Because of the possible horizontal range scenario I have chosen 3 targets, I will probably take 60% at TP1, 20-30% at TP2 and 10-20% at TP3. The trades are on the chart!
If we get back above C of the possible bat before reaching D then I will cancel all pending orders of course!
Wish me luck!
The "up" channel was breached briefly, we are now back inside, we could therefor still be on our way up to breach the possible ascending triangle to the upside...
However: If this bat completes then the 'up' channel will definately be broken to the downside which could be a bearish sign too...
SO NOTHING IS SURE AS ALWAYS! A reversal as well as more sideways movements are possible...
So choose your SL wisely! SL should be below X and that possible S/R zone. Be careful though, there is another possible S/R zone lower, so ideally I would place my SL below that zone but then the R/R is quite bad and the bearish reversal scenario could then be confirmed... Therefor keeping my SL tight enough (but not too tight...)!
Because of the possible horizontal range scenario I have chosen 3 targets, I will probably take 60% at TP1, 20-30% at TP2 and 10-20% at TP3. The trades are on the chart!
If we get back above C of the possible bat before reaching D then I will cancel all pending orders of course!
Wish me luck!
