Setup Timeframe: Daily
Execution Timeframe: 4H
Risk: 2.71%
Reward: 5.87%
Reasons for Entry: Showing rejection of daily bearish TL, and also showing rejection of 50% fib level, and also rejection of the R1 level on 4H chart.
Reasons for SL Placement: Above the rejection wick, and also above the TL. If it reaches this level, isn't a good rejection of the TL anymore, wouldn't want to short it from there.
Reasons for TP Placement: At the recent lows that were showing support.
Execution Timeframe: 4H
Risk: 2.71%
Reward: 5.87%
Reasons for Entry: Showing rejection of daily bearish TL, and also showing rejection of 50% fib level, and also rejection of the R1 level on 4H chart.
Reasons for SL Placement: Above the rejection wick, and also above the TL. If it reaches this level, isn't a good rejection of the TL anymore, wouldn't want to short it from there.
Reasons for TP Placement: At the recent lows that were showing support.