Tuesday, July 19, 2011
19 July 2011
Bullish bat is being formed on EURUSD H1 chart. As the B point is below 50% retracement of XA we could catch a trade on the CD leg. This is called as BAMM. Important note is as BAMM to be valid, B point must be less than 50% retacement of XA. Take profit will be at completion of D point which is at 0.886XA.
Price action must continue convincingly until D point is complete.If not, it is best to cover this position that tend to stall after the BAMM is triggered.
Trade Detail :
Entry : 1.4090
SL : 1.4140 (50 pips)
Target : 1.3890 (200 pips)
UPDATE
Stopout at 1.4140 with -50 pips loss.
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