Setup Timeframe: 4H
Execution Timeframe: 1H
Risk: 2.3%
Reward: 5.1%
Reasons for Entry: Sell order set just below the 50% bearish fib level, which also matched up with the 200EMA on the 1H chart. Pair is in a bearish trend on the daily chart.
Reasons for SL placement: Above a recent small swing high, and right above the 78.6% fib level.
Reasons for TP placement: At the -0.27 fib extension level.
Execution Timeframe: 1H
Risk: 2.3%
Reward: 5.1%
Reasons for Entry: Sell order set just below the 50% bearish fib level, which also matched up with the 200EMA on the 1H chart. Pair is in a bearish trend on the daily chart.
Reasons for SL placement: Above a recent small swing high, and right above the 78.6% fib level.
Reasons for TP placement: At the -0.27 fib extension level.