Setup Timeframe: 4H
Execution TImeframe: 4H
Risk: 2.28%
Reward: 7.3%
Reasons for Entry: Pair is making lower lows, signaling the start of a downtrend after the rejection of the daily 61.8% bearish fib level. There is also an important zone around 1.43616 where price was a resistance, then broke and was a support, and now broke down through it again, should see it as a resistance zone again. Set the order around that level and the daily 50% fib and 4H 50% fib levels.
Reasons for SL placement: Above the 61.8% fib, and above that resistance zone.
Reasons for TP placement: Slightly above the -0.27 fib extension level.
Execution TImeframe: 4H
Risk: 2.28%
Reward: 7.3%
Reasons for Entry: Pair is making lower lows, signaling the start of a downtrend after the rejection of the daily 61.8% bearish fib level. There is also an important zone around 1.43616 where price was a resistance, then broke and was a support, and now broke down through it again, should see it as a resistance zone again. Set the order around that level and the daily 50% fib and 4H 50% fib levels.
Reasons for SL placement: Above the 61.8% fib, and above that resistance zone.
Reasons for TP placement: Slightly above the -0.27 fib extension level.