Setup Timeframe: 4H
Execution Timeframe: 4H
Risk: 3%
Reward: 6%
Reasons for Entry: Broke through a support zone, and the 50% bearish fib lines up with a retest of that zone. As well as the 20 EMA and 50 EMA on the 4H chart descending and should provide resistance.
Reasons for SL placement: Above the 78.6% fib zone.
Reasons for TP placement: Slightly above the -0.27 fib extension level.
Execution Timeframe: 4H
Risk: 3%
Reward: 6%
Reasons for Entry: Broke through a support zone, and the 50% bearish fib lines up with a retest of that zone. As well as the 20 EMA and 50 EMA on the 4H chart descending and should provide resistance.
Reasons for SL placement: Above the 78.6% fib zone.
Reasons for TP placement: Slightly above the -0.27 fib extension level.