Setup Timeframe: Daily
Execution Timeframe: 4H
Risk: 2.74%
Reward: 7.65%
Reasons for entry: Showing rejection of a daily/weekly resistance zone, could see strong downside movements.
Reasons for SL placement: A healthy amount above recent highs, looking for an area where it wouldn't be a good short anymore.
Reasons for TP placement: Looking for a healthy risk reward and also a previous zone where there was horizontal price movement, so could be an interesting zone again.
Execution Timeframe: 4H
Risk: 2.74%
Reward: 7.65%
Reasons for entry: Showing rejection of a daily/weekly resistance zone, could see strong downside movements.
Reasons for SL placement: A healthy amount above recent highs, looking for an area where it wouldn't be a good short anymore.
Reasons for TP placement: Looking for a healthy risk reward and also a previous zone where there was horizontal price movement, so could be an interesting zone again.