Classic Butterfly SELL Pattern in GOLD. I would wait for an entry confirmation inside the highlighted zone before entering the trade.
Price is at a significant level of structure. So most probably market will make a retracement to the downside before breaking structure
to the upside. Therefore it is highly possible that market might at least reach one of these profit objectives before making any further movements.
Reward/Risk = 4.4
Profit Potential = 700 Pips
Maximum Risk = 166 (Risk can be reduced after getting the entry confirmation of the trade)
Note: This is merely a trading idea of mine and should not be considered as any kind of trading signal or advice.
Price is at a significant level of structure. So most probably market will make a retracement to the downside before breaking structure
to the upside. Therefore it is highly possible that market might at least reach one of these profit objectives before making any further movements.
Reward/Risk = 4.4
Profit Potential = 700 Pips
Maximum Risk = 166 (Risk can be reduced after getting the entry confirmation of the trade)
Note: This is merely a trading idea of mine and should not be considered as any kind of trading signal or advice.
Order cancelled:
Price pushed too high and butterfly pattern violated. Trade no longer available.