Setup Timeframe: 4H
Execution Timeframe: 4H
Risk: 2.68%
Reward: 5.78%
Reasons for Entry: Rejection of 50% fib level and previous broken resistance, didn't quite get the entry at the end of the C leg, but still good. Also, there was an inverse H/S pattern recently.
Reasons for SL placement: Below 50% fib level, and below previous broken resistance now turned support, and below rejection wicks.
Reasons for TP placement: Slightly below R1 level and -0.27 fib extension level.
Execution Timeframe: 4H
Risk: 2.68%
Reward: 5.78%
Reasons for Entry: Rejection of 50% fib level and previous broken resistance, didn't quite get the entry at the end of the C leg, but still good. Also, there was an inverse H/S pattern recently.
Reasons for SL placement: Below 50% fib level, and below previous broken resistance now turned support, and below rejection wicks.
Reasons for TP placement: Slightly below R1 level and -0.27 fib extension level.