Shorting opportunity is close to completion on a 1hr time frame in the form of a Butterfly Pattern.
This short could be considered to be with the trend in higher time frames.
RSI is showing small traces of divergence, and the sell zone gives an excellent risk reward ratio with stops generously placed up at 0.97452. Please consider your own risk tolerance if taking this trade as Butterfly patterns need to be traded with caution.
TP #1 38.2% @ 0.96892
TP #2 61.8% @ 0.96689
This short could be considered to be with the trend in higher time frames.
RSI is showing small traces of divergence, and the sell zone gives an excellent risk reward ratio with stops generously placed up at 0.97452. Please consider your own risk tolerance if taking this trade as Butterfly patterns need to be traded with caution.
TP #1 38.2% @ 0.96892
TP #2 61.8% @ 0.96689
Comment:
I am adjusting my stop to a 1:1 R/R for TP #1