For this setup we have:
-Major 38.2 Fibonacci retracement.
-Minor 78.6 Fibonacci retracement lining up with the major Fib.
-End of major & minor channel resistance.
-ABCD pattern projection to complete at the end of both channels.
-Major counter-trendline resistance.
Either you want to be aggressive or conservative, both scenarios offer a good risk to reward ratio.
Aggressive: 6.87+ RRR, Conservative 2.93+ RRR.
Take entry either at the confluence zone (Yellow Zone) or wait for a candlestick confirmation.
Aggressive SL: 68.150
Conservative SL: 68.350
TP1: 67.300
TP2: 66.950
TP3: 66.600
Please feel free to send me a message in regards to any questions, feedback or suggestions that you may have.
Enjoy!
-Major 38.2 Fibonacci retracement.
-Minor 78.6 Fibonacci retracement lining up with the major Fib.
-End of major & minor channel resistance.
-ABCD pattern projection to complete at the end of both channels.
-Major counter-trendline resistance.
Either you want to be aggressive or conservative, both scenarios offer a good risk to reward ratio.
Aggressive: 6.87+ RRR, Conservative 2.93+ RRR.
Take entry either at the confluence zone (Yellow Zone) or wait for a candlestick confirmation.
Aggressive SL: 68.150
Conservative SL: 68.350
TP1: 67.300
TP2: 66.950
TP3: 66.600
Please feel free to send me a message in regards to any questions, feedback or suggestions that you may have.
Enjoy!
Trade active:
Entry zone hit, trade is now active.