UPDATE #1: EURUSD: When Does Wave 2 End? Bull Bat TP1 Hit (+84)

31 lug 2015

In my previous post about this pair (see Related Ideas; "EURUSD: Post-GDP Update. When Does Wave 2 End And Wave 3 Begin?"), I posted a bullish bat (purple) that was close to completion. Well, it completed and without much pain, it has gone up from there. As of this post, it has hit TP1 for +84 pips.

Personally, I took this trade with a smaller LONG position and not a full long because I wanted to hedge against the fact that this bat (and the .707 retrace level) could trigger a move up even though I favored the other bat (green) that finishes at the .786 retrace level.

Right now, I am taking 70% of the LONG position I took for +84 pips profit as I am still expecting a move back down from here or near this point back down to hit the .786 and the other bat. I'll leave the other 30% to continue LONG if prices do continue that way. If it does get back down to fill the other bat at .786, I'll be taking a full LONG positions and adding to my current inventory of LONGS in this pair.