I am posting this idea based on Monthly Fibonacci 61.8% Retracement and Previous Support and Resistance values
i have made certain assumptions.
Reasons For Entry
1. The Market is Bullish See Monthly Chart Posted Below
2. There is a major Pivot ( S - R ) Level @ 0.7300 See Monthly Chart Posted Below
3. The 38.2% Retracement of the Last Major Bullish Move See Monthly Chart Posted Below
Method of Execution ( If Then )
1. If Price Reaches 0.7300 Then Monitor Price Action on 1 Hour & 4 Hour Chart For Bearish Price Action
2. If Price Action Is Bearish and Below 0.7300 on Chart ( Exhaustion Candles or Harami (2 -3) candles on 1 Hour Chart Then Confirm Bearish Candle on 4 Hour Chart.
3. if Divergence i Confirmed using RSI Then Enter the Trade
Entry and Possible Exits
1. Place Two ( 2 ) Sell Stops @ 10 Pips at Below Close Of Confirmation Candle
2. Place Stop Loss @ 1 ATR ( Daily) Above Last Bullish Candle High ( in this Case Approximately 75 Pips
3. Place Take Profit # 1 @ 0.7025 ( Nearest Structure Low)
4. Place Take Profit # 2 @ 0.6860 (Secondary Structure Low)
5. If Take Profit # 1 is Achieved Move Stop Loss on Second Position to break Even
Note
1. Economic News may Affect Trade Sentiment and Parameters please View up Coming News Events www.fxstreet.com/economic-calendar
Please Review and Comment
i have made certain assumptions.
Reasons For Entry
1. The Market is Bullish See Monthly Chart Posted Below
2. There is a major Pivot ( S - R ) Level @ 0.7300 See Monthly Chart Posted Below
3. The 38.2% Retracement of the Last Major Bullish Move See Monthly Chart Posted Below
Method of Execution ( If Then )
1. If Price Reaches 0.7300 Then Monitor Price Action on 1 Hour & 4 Hour Chart For Bearish Price Action
2. If Price Action Is Bearish and Below 0.7300 on Chart ( Exhaustion Candles or Harami (2 -3) candles on 1 Hour Chart Then Confirm Bearish Candle on 4 Hour Chart.
3. if Divergence i Confirmed using RSI Then Enter the Trade
Entry and Possible Exits
1. Place Two ( 2 ) Sell Stops @ 10 Pips at Below Close Of Confirmation Candle
2. Place Stop Loss @ 1 ATR ( Daily) Above Last Bullish Candle High ( in this Case Approximately 75 Pips
3. Place Take Profit # 1 @ 0.7025 ( Nearest Structure Low)
4. Place Take Profit # 2 @ 0.6860 (Secondary Structure Low)
5. If Take Profit # 1 is Achieved Move Stop Loss on Second Position to break Even
Note
1. Economic News may Affect Trade Sentiment and Parameters please View up Coming News Events www.fxstreet.com/economic-calendar
Please Review and Comment