Price is trending down on the 4 hour time frame, higher time frames show price ranging. Recent pullback to the previous support area of this downtrend which also touched the 50% fibonacci area. Nice bearish pin bar has formed. My entry is normally half way of the pin bar so in the case price is already close to half way so I am placing a market entry. Stop loss is well above the previous support and the profit target is set for the previous resistance area. Risk to reward is 3.7.
Trade closed: target reached:
target reached and I wasn't awake to extend to the profit target. Risk to reward is 1:3