Looks like we made an SFP and are now sitting inside the optimal fib retracement a bit lower than I would've liked but this seems like a good pivot support + 1H breaker confluence.
For better odds in this trade, wait for a break in the market structure on lower timeframe and enter on retrace.
Around 3.8 R/R as it stands now, not bad.
-Bullish breaker - an orderblock (a green or red candle, in this case green) that preceded a move that took out a previous swing low, but was later nuked through. If the price comes back to that block, it is expected to act as support.
-SFP - Swing failure pattern - a candle formation where the price takes out a previous swing high or low, but returns under/above it before locking the candle. Under the right circumstances it can signal a reversal.
Original idea by Svarog
For better odds in this trade, wait for a break in the market structure on lower timeframe and enter on retrace.
Around 3.8 R/R as it stands now, not bad.
-Bullish breaker - an orderblock (a green or red candle, in this case green) that preceded a move that took out a previous swing low, but was later nuked through. If the price comes back to that block, it is expected to act as support.
-SFP - Swing failure pattern - a candle formation where the price takes out a previous swing high or low, but returns under/above it before locking the candle. Under the right circumstances it can signal a reversal.
Original idea by Svarog
