EURCAD has been on a recent uptrend and completed a bearish butterfly. There is an RSI bearish divergence seen. I am looking sell at a higher price, still within the pattern completion, as it is in confluence with a trendline resistance and gives a better RRR. Upon confirmation of the bearish bias at that level, I will go short. Stop loss is just above the horizontal resistance and psychological price of 1.52. The take profit target is set at the 61.8 Fibonacci retracement level of the AD leg. Trade details are as follows:
Trade Setup: Bearish Butterfly
Price Entry 1.51743
SL 1.52250 | SL pips 50.7
TP2 1.49721 | TP2 pips 202.2
RRR2 3.99
Trade Setup: Bearish Butterfly
Price Entry 1.51743
SL 1.52250 | SL pips 50.7
TP2 1.49721 | TP2 pips 202.2
RRR2 3.99
Order cancelled:
Price did not retrace to my entry level. TP2 is hit! :) (November 23)