As the pair should be burning it's final upside moments, we are getting ready to open our short positions. A more aggressive approach would indicate to open short positions on the coincidence of the upper of the diagonal. However said approach requires a very flexible approach on the stop loss positioning. A more conservative approach (probably a better one too), would be to wait for a first impulse to happen on the 60min timeframe, towards the lower of the aforementioned diagonal, wait for a small consolidation and sell the break of said consolidation, with a stop loss above it. Even better if the small consolidation happens around the lower of the diagonal, like indicated by the arrows.
This trade, if it happens and we are able to take it, would have an approximate R/R ratio of 1/16 - 1/18 (according to where you take it), making it an outstanding trade not to be missed.
Trade with care and only with a backtested strategy that works for your trading style.
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