Setup Timeframe: 4H
Execution Timeframe: 1H
Risk: 3.1%
Reward: 7.72%
Reason for Entry: ABCD Pattern, at the end of C leg. Bouncing off near 61.8% fib level, and R1 level from above. And bouncing off 50 EMA 4H.
Reason for SL Placement: Below 61.8% level, and below 1.01, which is a strong resistance turned support, also bank level.
Reason for TP Placement: Near the -0.27 fib level, should see the D leg reach this.
Execution Timeframe: 1H
Risk: 3.1%
Reward: 7.72%
Reason for Entry: ABCD Pattern, at the end of C leg. Bouncing off near 61.8% fib level, and R1 level from above. And bouncing off 50 EMA 4H.
Reason for SL Placement: Below 61.8% level, and below 1.01, which is a strong resistance turned support, also bank level.
Reason for TP Placement: Near the -0.27 fib level, should see the D leg reach this.