Setup Timeframe: 4H
Execution Timeframe: 1H
Risk: 2.05%
Reward: 8.91%
Reasons for Entry: At the 50% fib level on the daily and 4H, showing good bounce on the hourly, also broke through a bearish hourly TL and then retested.
Reasons for SL Placement: Below the 61.8% level, below the S1 pivot level, and also below a previous resistance zone.
Reasons for TP placement: At the -0.27 fib extension level, could be a somewhat long hold.
Note: Since this trade looks to be a long hold, could be good for multiple entries on pullbacks as it starts an uptrend.
Execution Timeframe: 1H
Risk: 2.05%
Reward: 8.91%
Reasons for Entry: At the 50% fib level on the daily and 4H, showing good bounce on the hourly, also broke through a bearish hourly TL and then retested.
Reasons for SL Placement: Below the 61.8% level, below the S1 pivot level, and also below a previous resistance zone.
Reasons for TP placement: At the -0.27 fib extension level, could be a somewhat long hold.
Note: Since this trade looks to be a long hold, could be good for multiple entries on pullbacks as it starts an uptrend.