From a structure standpoint, price was moving bullish indicated in purple. Price made a higher high from the last leg. Price then violated previous structure by making a lower low (indicated in pink line). A bearish cypher was created with a double top at entry. I am in a short position. My targets are 0.618 Fibonacci level from C to D leg of the cypher. Stops are just above the X leg.
Comment:
Risk/reward is placed the wrong way. Risk is the green area and reward is the red area. sorry for the confusion.
Trade closed: target reached:
Great trade. Target reached