Reasons for entry:
- 88.6% fib rejection on 4hr & daily timeframe
- Price broke below and retested 0.6905 (pink horizontal ray)
- Price finally made a lower low
Entry Timeframe:
- 1hr evening star as price rejected 0.6905
- (missed the original bearish engulfing entry on the 15min timeframe)
Stop Loss:
@0.6910 (-17pips)
Take Profit:
Target 1 : 0.6850 (+42pips) = Risk/Reward 1:2.5
Target 2 : 0.6750 (+142pips) = Risk/Reward 1:8.5
Target 3 : 0.6500 (+392pips) = Risk/Reward 1:23.4
Notes:
- will closely monitor the trade once price reaches 0.6870, if it fails to break below I will move my SL to break even/take partial profits or close the trade entirely.
- 88.6% fib rejection on 4hr & daily timeframe
- Price broke below and retested 0.6905 (pink horizontal ray)
- Price finally made a lower low
Entry Timeframe:
- 1hr evening star as price rejected 0.6905
- (missed the original bearish engulfing entry on the 15min timeframe)
Stop Loss:
@0.6910 (-17pips)
Take Profit:
Target 1 : 0.6850 (+42pips) = Risk/Reward 1:2.5
Target 2 : 0.6750 (+142pips) = Risk/Reward 1:8.5
Target 3 : 0.6500 (+392pips) = Risk/Reward 1:23.4
Notes:
- will closely monitor the trade once price reaches 0.6870, if it fails to break below I will move my SL to break even/take partial profits or close the trade entirely.
Comment:
Target 2 Hit +142pips great trade so far