Reasons for entry:
- Price is currently in a downtrend
- Possible 3rd trendline bounce and rejection (4hr & daily timeframe)
- Price has reached and rejected the 88.6% fib on the 1hr timeframe
- Price has also rejected and retested 143.00
- Price is loosing momentum
- Eveningstar candlestick formation on the 30min timeframe
Entry Timeframe:
- 30min Eveningstar formation
- @142.88
Stop Loss:
@143.05 (-17pips)
Take Profit:
- Target 1 @142.00 (+88pips) = Risk/Reward : 1:5
- Target 2 @141.25 (+163pips) = Risk/Reward : 1:9.3
- Target 3 @140.75 (+213pips) = Risk/Reward : 1:12.1
Notes:
- Tight SL, will look to add a second entry should price break and close beneath the trendline
- Price is currently in a downtrend
- Possible 3rd trendline bounce and rejection (4hr & daily timeframe)
- Price has reached and rejected the 88.6% fib on the 1hr timeframe
- Price has also rejected and retested 143.00
- Price is loosing momentum
- Eveningstar candlestick formation on the 30min timeframe
Entry Timeframe:
- 30min Eveningstar formation
- @142.88
Stop Loss:
@143.05 (-17pips)
Take Profit:
- Target 1 @142.00 (+88pips) = Risk/Reward : 1:5
- Target 2 @141.25 (+163pips) = Risk/Reward : 1:9.3
- Target 3 @140.75 (+213pips) = Risk/Reward : 1:12.1
Notes:
- Tight SL, will look to add a second entry should price break and close beneath the trendline
Trade closed: stop reached:
Out at break even
