Trade set-ups for 05/15/2015
Currency Pair: EURGBP
Closing Price: 0.7226
Entry Order: BUY stop @ 0.7245
Stop loss: 0.7207
Take profit: 0.7357
Analysis: This pair has formed triple-bottom price pattern. Yesterday we had a large key reversal. Penetration above today’s NR4 bar (narrowest range in previous 4 trading sessions), should see good follow-through.
Hi
I am new to trading and I am just curious how do u get the price target??
Also how long wild this trade need to take place - roughly?
Thanks
Mike
It’s not a triple bottom. The second and third low doesn’t come down to the first lows support + the bottoms (and all the rest reversal patterns) are confirmed only when the neckline is broken, so as the price is in a downtrend this looks more as a rising channel or a triangle for continuation + triple bottoms are quite rare - the probability of donwside continuation is a lot bigger.
And also I just saw your TP target, and as you are trading the range - nothing I said really matters.
Anyhow the basis behind the idea is wrong. If you were trading a bottom set-up the target should be the measured range which would be somewhere around 0.78
