3 Reasons:
Location: Within new bottom support, off 0.886 Fib line
Momentum: W structure confirmed in Willy and OBV. Willy is stupid and oversold.
Structure: Double Bottom structure, entry at confirmation and risk against structure low.
Profit Objective: 2:1 R/R min
Location: Within new bottom support, off 0.886 Fib line
Momentum: W structure confirmed in Willy and OBV. Willy is stupid and oversold.
Structure: Double Bottom structure, entry at confirmation and risk against structure low.
Profit Objective: 2:1 R/R min
Trade closed: stop reached:
Closed our position as our stoploss was hit. Unfortunately this double bottom could was not fully confirmed and the rally was not strong.
Comment:
If we didnt set any stops, our original target would have been hit! Lol