2018May24 AUDCAD H1 Bearish Butterfly
There is a bearish butterfly for AUDCAD. Upon confirmation of a bearish bias, I will enter short at 0.97588 or place a sell limit at that level. Stop loss is just above point D while take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg AD. I will manually cancel the pending order if setup becomes invalidated (new swing high) or if price goes to TP1 prior to gettting triggered. Tentative details are as follows:
Trade Setup: Bearish Butterfly
Entry Price 0.97588
SL 0.97728 | SL pips 14.0
TP1 0.97404 | TP1 pips 18.4
TP2 0.97234 | TP2 pips 35.4
RRR1 1.31 | RRR2 2.53
Trade Setup: Bearish Butterfly
Entry Price 0.97588
SL 0.97728 | SL pips 14.0
TP1 0.97404 | TP1 pips 18.4
TP2 0.97234 | TP2 pips 35.4
RRR1 1.31 | RRR2 2.53
Note
Setup is invalidated as there is already a candle with a close above 0.97588.
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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.