Setup Timeframe: 4H
Execution Timeframe: 4H
Risk: 3%
Reward: 6.4%
Reasons for Entry: Showing rejection of a long term bearish TL, which also lines up with about the 61.8% bearish long term fib. Broke through a bullish CTL, and now looking to enter in on the retest of this broken TL which correlates with the 50% fib level.
Reasons for SL placement: Above the bearish TL, and above the 78.6 fib level.
Reasons for TP placement: Somewhat below the D1 target level, good RR, should be a long term bearish move.
Execution Timeframe: 4H
Risk: 3%
Reward: 6.4%
Reasons for Entry: Showing rejection of a long term bearish TL, which also lines up with about the 61.8% bearish long term fib. Broke through a bullish CTL, and now looking to enter in on the retest of this broken TL which correlates with the 50% fib level.
Reasons for SL placement: Above the bearish TL, and above the 78.6 fib level.
Reasons for TP placement: Somewhat below the D1 target level, good RR, should be a long term bearish move.