Reasons for entry:
- Price has made a new higher high & higher low
- Price broke above and retested 143.15
- Price has rejected the 4hr 61.8% fib
Entry Timeframe:
- 1hr bullish engulfing @143.36
-
Stop Loss:
@143.60 (-6pips)
Take Profit:
Target 1 @144.75 (+139pips) = Risk/Reward : 1:23.2
Target 2 @146.00 (+264pips) = Risk/Reward : 1:44
Notes:
- I have a very tight SL because it is still possible for price to make a more agressive pullback before forming new highs and having a tight SL would allow me to re-enter at a better price point
- Price has made a new higher high & higher low
- Price broke above and retested 143.15
- Price has rejected the 4hr 61.8% fib
Entry Timeframe:
- 1hr bullish engulfing @143.36
-
Stop Loss:
@143.60 (-6pips)
Take Profit:
Target 1 @144.75 (+139pips) = Risk/Reward : 1:23.2
Target 2 @146.00 (+264pips) = Risk/Reward : 1:44
Notes:
- I have a very tight SL because it is still possible for price to make a more agressive pullback before forming new highs and having a tight SL would allow me to re-enter at a better price point
Trade closed manually:
Price came back to my entry, a break even trade +5pips.