Short Setup - Channel + Divergence - Good Risk Reward Ratio
The price is at the point of potential reversal. Risk of taking a short trade at this point is very less when compared to the potential reward. Divergence on chart makes the probability of trade success even better.
Note
I was taken out of this trade at a small profit of 20 pips. I have reentered the short at 90.70. The idea is still valid.Note
I was able to get some nice pips out of this trade. I am waiting for the third wave of consolidation and will be re-entering this trade at 89.40. Its a good risk/reward trade to take. Here is my updated view on the trade.
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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.