A valid double bottom setup has formed at the at the H1 timeframe. The bodies of the candlesticks of the right bottom are higher than the bodies of the candlesticks of the left bottom. There was a broken neckline (around 147.760) which tells us that the bulls overpowered the bears at that significant level. Thus, I am looking for a conservative buy opportunity at the 61.8 Fibonacci retracement (buy limit at 147.425) of the swing low (left bottom) to the recent swing high for a reward-to-risk ratio of 1.42. If not triggered within this trading day, this trade shall be automatically cancelled.
Trade Setup: Trend Reversal
Price Entry: 147.425
SL 147.009 | SL (in pips) 41.6
TP1 148.016 | TP1 (in pips) 59.1
RRR1: 1.42
Trade Setup: Trend Reversal
Price Entry: 147.425
SL 147.009 | SL (in pips) 41.6
TP1 148.016 | TP1 (in pips) 59.1
RRR1: 1.42
Trade closed: target reached:
TP1 hit! :) (May 9)