2018May24 AUDCAD H1 Bearish Butterfly

There is a bearish butterfly for AUDCAD. Upon confirmation of a bearish bias, I will enter short at 0.97588 or place a sell limit at that level. Stop loss is just above point D while take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg AD. I will manually cancel the pending order if setup becomes invalidated (new swing high) or if price goes to TP1 prior to gettting triggered. Tentative details are as follows:

Trade Setup: Bearish Butterfly
Entry Price 0.97588
SL 0.97728 | SL pips 14.0
TP1 0.97404 | TP1 pips 18.4
TP2 0.97234 | TP2 pips 35.4
RRR1 1.31 | RRR2 2.53

Comment:

Setup is invalidated as there is already a candle with a close above 0.97588.