Setup Timeframe: 4H
Execution Timeframe: 4H
Risk: 1.59%
Reward: 2.79%
Reasons for Entry: Rejected the 61.8% fib level, and the 200 EMA on the 4H chart. Also broke through and closed below the bullish CTL.
Reasons for SL placement: Above the 78.6% fib level, and above the noise/wick area of the 61.8% rejection zone.
Reasons for TP placement: The -0.27 fib extension level.
NOTE: Will have to watch both this trade and previous AUDUSD short come Tuesday evening before the Fed rate decision, hopefully can lock in some profit on both and let the trade run, if not, perhaps close both trades before news hits.
Execution Timeframe: 4H
Risk: 1.59%
Reward: 2.79%
Reasons for Entry: Rejected the 61.8% fib level, and the 200 EMA on the 4H chart. Also broke through and closed below the bullish CTL.
Reasons for SL placement: Above the 78.6% fib level, and above the noise/wick area of the 61.8% rejection zone.
Reasons for TP placement: The -0.27 fib extension level.
NOTE: Will have to watch both this trade and previous AUDUSD short come Tuesday evening before the Fed rate decision, hopefully can lock in some profit on both and let the trade run, if not, perhaps close both trades before news hits.