I wanted to share this potential we see setting up here on the Daily.
As always Entries in the Green Zone - I Between 78.6% and 1.272% entry level
Stops below X @ a minimum level of the 1.113%
Initial Targets just below 38.2% and 61.8% using the Fibonacci Retrace from the A to D leg - and making sure you adjust targets after D completion.
Some may chose in the middle of the 78.6% and 1.272% for entry level. You may want to be more conservative and look for another reversal signal - maybe we hit the 1.272% and then retest with a .
This is a large pattern and has a S/L of roughly 200 pips compared to if you normally trade 1H charts which would be at most 100pips in S/L
Reward if pattern completes is a very nice looking Target 1 and 2 - R:R is better than a 1:1 profile
I dont trade Daily but wanted to share this with you.
Good Luck and Happy trading