Setup Timeframe: 4H
Execution Timeframe: 4H
Risk: 3%
Reward: 10%
Reasons for Entry: Touch of a bearish TL, which lines up with a close with the 61.8 fib bearish level, which also lines up with a 50 EMA on the daily chart. Also lines up with a BRC of a broken support zone.
Reasons for SL placement: Above the 78.6 fib level, above the bearish TL, and above the broken support zone.
Reasons for TP placement: At the -0.27 fib extension level, will have to watch trade as it approaches a bullish TL.
Execution Timeframe: 4H
Risk: 3%
Reward: 10%
Reasons for Entry: Touch of a bearish TL, which lines up with a close with the 61.8 fib bearish level, which also lines up with a 50 EMA on the daily chart. Also lines up with a BRC of a broken support zone.
Reasons for SL placement: Above the 78.6 fib level, above the bearish TL, and above the broken support zone.
Reasons for TP placement: At the -0.27 fib extension level, will have to watch trade as it approaches a bullish TL.