Here we have a 0.618 triangle in price & time preceding a Three Drives pattern at the top.
Prices printing lower highs with the RSI forming higher highs, indicating hidden bearish divergences.
The stops for this pattern is 2 pips above the 0.786 retracement.
At the 0.786 there is a another chance to sell short, this time with protective stops 2 pips above the triangle highs.
Furthermore we see divergence appearing on the chart with resistance coming in at a 1.618 extension. Supply can be observed coming in just below the resistance:
Prices printing lower highs with the RSI forming higher highs, indicating hidden bearish divergences.
The stops for this pattern is 2 pips above the 0.786 retracement.
At the 0.786 there is a another chance to sell short, this time with protective stops 2 pips above the triangle highs.
Furthermore we see divergence appearing on the chart with resistance coming in at a 1.618 extension. Supply can be observed coming in just below the resistance:
Comment:
Trade closed: target reached