I thought I would share a pattern I am most fond of, the . I admire this setup because it mainly follows the overall trend and takes into account major levels. As a strong believer in economics and harmonics, I believe this pattern gives 2 things which most traders strive for: 1) Good risk-to-reward and 2) Good win percentage %.
Back to the trade idea, it is a pattern @ 0.6788 in which i would have a buy limit in place and stop loss will be placed BELOW the X leg which we use as good support in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Risk: 17 pips x 2 = 34 pips
Reward #1: 22 pips. R:R = 1:1.25
Reward #2: 35 pips. R:R = 1:2
Plan your trade... Trade your plan.