This is a countertrend setup based on a double top formation coupled with a 50-61.80% retracement of the rejection leg down. The probability works against fading setups but the RR is prioritised for its clear risk profile. The details of the trade are highlighted in the chart. Drop a line in the comments section if there's anything to be added or discussed.
Comment:
This is the benefit of a clear risk profile: you might be wrong, but you get out of the market at a right moment, and if you're bold enough, you can reverse the position and get back what you lost on the initial setup. Finding a good stop area is one of the most important things one can learn in trading.
