GBP/AUD Bearish Butterfly on 1H @ 1.76000

Pair has been in a downtrend since March 2020 and here is another opportunity forming to sell this pair for 160 pip potential profit. Price is now approaching previous structure level, which also happens to be at 1.76 even number and daily moving average. Another interesting fact is that price has formed a bearish butterfly pattern over the last few days of trading, that is completing at the very same level. Lots and lots of confluence here and for that reason I may enter aggressively with a sell stop order just below 1.76 even number. As always preserve capital is No 1 rule for making money in the markets and thats way I am going to use an ATR based stop loss just above the daily MA.
Min R/R ratio for this trade is 1.43 and max 4.1.

I remind you that this is just my vision about possible market movements. If you have your own, please share in comments. I will be glad to discuss with you. I will be very grateful for supporting my post by your LIKEs, if it's not so hard for you. 🙂

Plan your trade, Trade your plan and Good luck in the markets!!

Trade active:

Trade Filled

Trade closed: stop reached:

Stopped Out.