Setup Timeframe: 4H
Execution Timeframe: 1H
Risk: 2.45%
Reward: 4.6%
Reasons for Entry: Broken through a daily bullish TL, and is now retesting it, showing a lot of rejection wicks. Also at and rejected a 78.6% bearish fib level.
Reasons for SL Placement: Above the 78.6% fib level, well above the rejection wicks of the broken TL.
Reasons for TP placement: Good RR, and around a zone that once provided support.
Execution Timeframe: 1H
Risk: 2.45%
Reward: 4.6%
Reasons for Entry: Broken through a daily bullish TL, and is now retesting it, showing a lot of rejection wicks. Also at and rejected a 78.6% bearish fib level.
Reasons for SL Placement: Above the 78.6% fib level, well above the rejection wicks of the broken TL.
Reasons for TP placement: Good RR, and around a zone that once provided support.