Setup Timeframe: 4H
Execution Timeframe: 1H
Risk: 2.79%
Reward: 6.43%
Reasons for Entry: Bouncing off the 61.8% level, below the 50 and 200 EMA on the 4H chart, so bias is short.
Reasons for SL placement: A good amount of room above the 78.6% fib level, at this point a short wouldn't be convincing, it could be reversing the trend if it reaches this level.
Reasons for TP placement: At the -0.27 fib extension level.
Execution Timeframe: 1H
Risk: 2.79%
Reward: 6.43%
Reasons for Entry: Bouncing off the 61.8% level, below the 50 and 200 EMA on the 4H chart, so bias is short.
Reasons for SL placement: A good amount of room above the 78.6% fib level, at this point a short wouldn't be convincing, it could be reversing the trend if it reaches this level.
Reasons for TP placement: At the -0.27 fib extension level.