Hi guys, we have a short/sell opportunity here in the EURJPY
with a directional bias of being bearish
. Price break below close below of the lower trendline
(of the basic pattern, triangle/pennant) will trigger my short/sell order. Stops could be based on ATR (15) multiply it by two or could be place just above the previous high as we have a bias that there could be a potential bullish bat
setup and maybe a opportunity for us to go LONG depending on future price/market action once the pattern is complete. Or I could just go aggressively Sell/Short the market and stops just above the bullish pattern POR
. Because any price that will touch or break the Bat/Gartley POR
will invalidate the bullish
setup giving us a lesser chance that the pattern could complete as price could possibly go down.
Targets could go with a good 1:1 down to a bullish pattern
completion and another long opportunity depending on future market behaviour. Trade with care and good luck!