EURGBP - A Butterfly with RSI divergence - Short Short

Euro Fx/British PoundFXCM

Description

⋅ Jun 28, 2020 3:52 PM

Hi All,

I am a learner. So I would recommend to double check my ideas.

Also, request experts to review my idea and suggest.

EURGBP

I can able to see a butterfly in 4H chart.
and RSI shows divergence 0.9073 and 0.9100. So I expect a SELL..

Comments

JamesWoon

⋅ Jun 29, 2020 10:24 AM

do you still think its likely to drop? RSI showing its extremely overbought so I think a reversal could play out

KeerthiM

⋅ Jun 30, 2020 10:38 AM

@JamesWoon, Sorry for late reply.

The reversal has happened at the Fib range of 61%. also, the butterfly range is till that. I should keep SL after 61%, but missed that.

CFDStephenwood

⋅ Jun 29, 2020 8:33 AM

Thanks for sharing

mjkranthiiii007

⋅ Jun 28, 2020 5:57 PM

Did you take the trade... I think after a small consolidation it was break the previous higher high and making a new higher high.. it may touch the top line in the channel you've drawn..

KeerthiM

⋅ Jun 29, 2020 2:43 AM

@mjkranthiiii007, I too thought about that, but I saw stochastic in over bought area. So expecting a downtrend.. so expecting at least it will hit TP1..

As you said, if the trend reverses in the support, I'll close the trade..

I'm not much experienced, so your suggestions always help me to develop my skills. Thank you..!!