My Pros and cons for this trade...
Pro: Daily Chart is showing down trend.- RSI on Daily is still approaching over bought.- Price entry lands on Daily Fib Retracement line .618.....Drop to 4H chart Crab Ratios confluence at 1.168 with 3.141 and right with Daily .618.
Cons: The first Target is a tight 1:1. I would prefer not to use the long wick, but Rules are Rules. My stop has to be over PSH. That is in a previous consolidation area.
Due to the 1:1 ratios I will half lot this position.
Good Luck.
Pro: Daily Chart is showing down trend.- RSI on Daily is still approaching over bought.- Price entry lands on Daily Fib Retracement line .618.....Drop to 4H chart Crab Ratios confluence at 1.168 with 3.141 and right with Daily .618.
Cons: The first Target is a tight 1:1. I would prefer not to use the long wick, but Rules are Rules. My stop has to be over PSH. That is in a previous consolidation area.
Due to the 1:1 ratios I will half lot this position.
Good Luck.