Setup Timeframe: 4H
Execution Timeframe: 1H
Risk: 1.67%
Reward: 4.31%
Reasons for Entry: Broke down through a rising wedge pattern and retested and rejected that trendline, Also finding general resistance around this neckline, so could be a strong resistance zone.
Reasons for SL placement: Above one of the recent high wicks, and above the broken TL again, if it reaches this level again, the short based on the rising wedge wouldn't be valid anymore.
Reasons for TP placement: Within this larger bullish channel that EURUSD could still respect, and above one of the recent lows.
Execution Timeframe: 1H
Risk: 1.67%
Reward: 4.31%
Reasons for Entry: Broke down through a rising wedge pattern and retested and rejected that trendline, Also finding general resistance around this neckline, so could be a strong resistance zone.
Reasons for SL placement: Above one of the recent high wicks, and above the broken TL again, if it reaches this level again, the short based on the rising wedge wouldn't be valid anymore.
Reasons for TP placement: Within this larger bullish channel that EURUSD could still respect, and above one of the recent lows.