I thought I would share a pattern I am most fond of, the . I admire this setup because it mainly follows the overall trend and takes into account major levels. As a strong believer in economics and harmonics, I believe this pattern gives 2 things which most traders strive for: 1) Good risk-to-reward and 2) Good win percentage %.
Back to the trade idea, it is a pattern @ 157.18 in which i would have a sell limit in place and stop loss will be placed above the X leg which we use as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Risk: 40 pips x 2 = 80 pips
Reward #1: 58 pips. R:R = 1:1.4
Reward #2: 94 pips. R:R = 1:2.3
Plan your trade... Trade your plan.