We can currently see this pair retracing thus gaining momentum and also creating bearish divergence for a potential bearish continuation. We can see the same setup on USDCHF. The grey line has been marked at 50% fib level of that bearish move. Should price move to the red line which is our SL, this would invalidate our trade idea. Our tp is marked at 100% of the retracement.
Grey line- entry
Red line - Stop loss
Green line - Take profit
Risk exposure - 1%
Risk to reward 1:2
Grey line- entry
Red line - Stop loss
Green line - Take profit
Risk exposure - 1%
Risk to reward 1:2
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.