Setup Timeframe: 4H
Execution Timeframe: 4H
Risk: 3%
Reward: 6%
Reasons for Entry: In a clear bearish channel, forming a descending triangle pattern which is bearish, looking for it to come back up and touch the bearish TL again, which matches up with the 50% fib level.
Reasons for SL placement: Above the 61.8% level, and above the TL.
Reasons for TP Placement: Good RR, also at a previous bottom and support zone, playing it somewhat safe with this profit target, price should break through this support zone, but just looking to get this profit.
Execution Timeframe: 4H
Risk: 3%
Reward: 6%
Reasons for Entry: In a clear bearish channel, forming a descending triangle pattern which is bearish, looking for it to come back up and touch the bearish TL again, which matches up with the 50% fib level.
Reasons for SL placement: Above the 61.8% level, and above the TL.
Reasons for TP Placement: Good RR, also at a previous bottom and support zone, playing it somewhat safe with this profit target, price should break through this support zone, but just looking to get this profit.