Hey Traders, what do you think about this short Idea?
It's not a nice Butterfly, but also we have Structure and a good currency relation for that.
RSI is in overbought condition.
Actually we see this nice simple structure and second time it spikes into previous structure support as you can see in the bigger picture. I am looking at lower timeframes to get an opportunity for a long trade with good risk-reward. The currency relation this week is 1.6 : 1 so that NZD can start to move up in thios area. Let's see :-) If it starts, take care of...
We have nice structure on GBPUSD as i quickly illustrated above (i think you know what i mean). Support levels combined with the harmonic move could bring a nice Risk/Reward.
We have some significant structure in this zone around the 0.618, so I added this to my Watchlist.
Update takes place when action takes place. So watch out :)
