A high score short opportunity on AUDUSD 4H chart

6 ม.ค. 2018

From analysis, there is an ascending channel pattern formed along with bearish RSI divergence. Good indication that the market is running out of steam and bears could take over soon. On top of this, we have a cypher completion aswell. Price has come up to test previous resistance level. We can shoot for the 38.2% retracement for targets and place a stop loss above the X leg of the cypher pattern, which gives close to a 2:1 risk to reward ratio. This seems like a very high score trade. I will be shorting when market opens.