There are two step for this strategy: the retracement trade and the push trade.
The first trade I'll take for half the risk i'll trade for the push trade will be when the 4h breaks the previous daily support (as it's almost doing).
Once it breaks I'll place a sell order and see if it tags me in or not. Here I will now experience FOMO because it's a retracement trade and it's risky.
The main trade will be the push trade. Here I will place a buy order between the 50 and 61.8 fib level in the daly time frame which also overlaps with the bullish dogi in the 4H. The stop loss will be at the 78.6 level and the take profit either at the second zone or at the -38.2 extension. Both of them having a R:R ratio higher than 3.
The first trade I'll take for half the risk i'll trade for the push trade will be when the 4h breaks the previous daily support (as it's almost doing).
Once it breaks I'll place a sell order and see if it tags me in or not. Here I will now experience FOMO because it's a retracement trade and it's risky.
The main trade will be the push trade. Here I will place a buy order between the 50 and 61.8 fib level in the daly time frame which also overlaps with the bullish dogi in the 4H. The stop loss will be at the 78.6 level and the take profit either at the second zone or at the -38.2 extension. Both of them having a R:R ratio higher than 3.
Comment:
placed a sell limit at 1.21122, let's see if I'll get tagged in.
Trade active:
I did get tagged in and the trade is going as planned.
Comment:
Got stopped out at break even. When i was 25 pips in profit I moved my stop loss to break even and it got tagged.