Setup Timeframe: 4H
Exeuction Timeframe: 4H
Risk: 2.52%
Reward: 7.42%
Reasons for Entry: Pair appears to be in a downtrend, recently broke through a strong resistance zone and retested it, then came back down. Looking to enter on the retrace, placed order between the 50% fib and 61.8% fib levels (bearish).
Reasons for SL placement: Above the 78.6% level.
Reasons for TP Placement: At the -0.27 fib extension level.
Exeuction Timeframe: 4H
Risk: 2.52%
Reward: 7.42%
Reasons for Entry: Pair appears to be in a downtrend, recently broke through a strong resistance zone and retested it, then came back down. Looking to enter on the retrace, placed order between the 50% fib and 61.8% fib levels (bearish).
Reasons for SL placement: Above the 78.6% level.
Reasons for TP Placement: At the -0.27 fib extension level.