Setup Timeframe: 4H
Execution Timeframe: 4H
Risk: 2.25%
Reward: 4.56%
Reasons for Entry: Pair has been respecting the bearish TL, creating lower highs and lower lows, on the bigger picture, it rejected from a 50% bearish fib level. Set the order at the TL and 50% bearish fib level of the recent move down.
Reasons for SL placement: Above the 78.6% level, and above recent swing high. If it came up this high, bias would be more of a bullish breakout.
Reasons for TP placement: Good RR, if pattern is correct, pair should just continue down, even further down through the TP.
Execution Timeframe: 4H
Risk: 2.25%
Reward: 4.56%
Reasons for Entry: Pair has been respecting the bearish TL, creating lower highs and lower lows, on the bigger picture, it rejected from a 50% bearish fib level. Set the order at the TL and 50% bearish fib level of the recent move down.
Reasons for SL placement: Above the 78.6% level, and above recent swing high. If it came up this high, bias would be more of a bullish breakout.
Reasons for TP placement: Good RR, if pattern is correct, pair should just continue down, even further down through the TP.
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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.
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.