A possible bearish butterfly setup in the making. If price manages to get to the PRZ a reversal is likely to take place as it is a strong harmonic area based on the convergence of Fibonacci numbers in the PRZ. This is my first published idea and i'm still quite new to trading so please go easy on me as I'm sure there may be some room for improvement in my analysis. Any feedback will be most appreciated.
Thanks and I wish you all the best in your trading.
Target 1 has been hit for a nice 200+ pips and my stop has been moved to break even. Lets hope price hits target 2 also :)
Trade closed: target reached:
BOOM!! and target 2 has been taken out :) Nice end to the week :)