We currently have a 4h trend. The daily candles are closed below the daily 55 Ema. Price is below the 4h 200 Ema. The 34 and 55 Ema are below the 200 Ema and have crossed.
We now have a pullback into the zone of the 34 and 55. The 55 has now held against the 4 hour candle.
I had a strong resistance line already plotted and it hit it to the pip.
We are at 50 fib from the latest move.
I have dropped down to the 30 min timeframe to look for a 5 and 12 Ema cross to confirm price is now going back into the direction of the trend.
I will set a 3:1 fixed TP, and move to breakeven at 1:1
We are forming a bearish engulfing on the 4h.
Even with with all these things on my side, this entry with a 3:1 Take profit was 40% right in the year 2018.
We now have a pullback into the zone of the 34 and 55. The 55 has now held against the 4 hour candle.
I had a strong resistance line already plotted and it hit it to the pip.
We are at 50 fib from the latest move.
I have dropped down to the 30 min timeframe to look for a 5 and 12 Ema cross to confirm price is now going back into the direction of the trend.
I will set a 3:1 fixed TP, and move to breakeven at 1:1
We are forming a bearish engulfing on the 4h.
Even with with all these things on my side, this entry with a 3:1 Take profit was 40% right in the year 2018.