has broken the 1 Hour ascending channel
after touching the top of the 4 Hour ascending trendline. Price is now forming an ascending correction flag on the 1 Hour timeframe. We can utilize this flag pattern
by entering a short trade on the break of the flag structure. This will also ensure we are approaching the trade with a reduced risk entry, given the setup high probability. My current stop loss is set at 30 PIPS, allowing the trade some space to breathe, stop loss may be slightly tweaked depending on price pattern after flag structure is broken, however stop loss will likely be between 30-40 PIPS. My take profit target is set at the lows of the 1 hour ascending channel
, aiming for a 246 PIPS profit. I will be risking 1% of my account and looking to gain 8% as my risk to reward is 8/1.
Hope you find this idea useful and insightful and be sure to follow me for future ideas as I'm looking to be regularly active on TradingView for 2021.