Setup Timeframe: 4H
Execution Timeframe: 1H
Risk: 3.08%
Reward: 6.47%
Reasons for Entry: Rejection of 50% fib level, then rose a bit, but failed to make a HH. This 50% fib has held as a top multiple times over a long period.
Reasons for SL Placement: Above 50% level, and above the wick highs.
Reasons for TP Placement: Pair has a long way to drop if it starts a downtrend here, set TP for good R:R on trade, but could see pair extend downwards even more.
Note: Pair shouldn't be effected by Fed rate decision, but will evaluate trade when closer to the news.
Execution Timeframe: 1H
Risk: 3.08%
Reward: 6.47%
Reasons for Entry: Rejection of 50% fib level, then rose a bit, but failed to make a HH. This 50% fib has held as a top multiple times over a long period.
Reasons for SL Placement: Above 50% level, and above the wick highs.
Reasons for TP Placement: Pair has a long way to drop if it starts a downtrend here, set TP for good R:R on trade, but could see pair extend downwards even more.
Note: Pair shouldn't be effected by Fed rate decision, but will evaluate trade when closer to the news.