Multiple Confluences = Great Potential Swing (Risk:Reward 1:4)
**Major Confluence Around 1.04877**
4h Break of Structure Retest
61% Fib
4h Resistance Level
4h Channel Resistance
Close to 4h Pivot Point
Looking for price action to show bearish reversal patterns around this price. SL is big! 60-65pips, however the potential reward could bring in 4X that amount with a 260 pip LONG TERM target that is determined by fib levels and ABCD pattern. Calculate maximum loss at desired amount/percentage of account and RISK MANAGE ACCORDINGLY, the following trade setup is on a 4h timeframe and to capture the full move could take a few days. The price points on the chart are places to take some profit along the way. Lets see if we get a chance to enter if this setup plays out.
4h Break of Structure Retest
61% Fib
4h Resistance Level
4h Channel Resistance
Close to 4h Pivot Point
Looking for price action to show bearish reversal patterns around this price. SL is big! 60-65pips, however the potential reward could bring in 4X that amount with a 260 pip LONG TERM target that is determined by fib levels and ABCD pattern. Calculate maximum loss at desired amount/percentage of account and RISK MANAGE ACCORDINGLY, the following trade setup is on a 4h timeframe and to capture the full move could take a few days. The price points on the chart are places to take some profit along the way. Lets see if we get a chance to enter if this setup plays out.
Trade active