Here we have a bearish pattern forming within a channel on the 4 hour chart. The trend-line was temporarily broken, which may signal a an area of consolidation. On top of this, RSI is showing as overbought on the 4hour and 1hour charts along with bearish divergence. I will be watching the candles on both time frames before confirming my entry!
Butterfly ratios
X:B = 78.6%
A:C = 38.2%:88.6%
B:D = 161.8%:261.8%
X:D = 127.2%
Butterfly ratios
X:B = 78.6%
A:C = 38.2%:88.6%
B:D = 161.8%:261.8%
X:D = 127.2%
Trade closed: stop reached:
Stop reached yesterday- clearly there has been some unexpected fundamental news. I have focussed on taking new trades but will research the cause of the rise in price for future reference.
