I already mentioned a possible and this idea has a setup based on that possible if it ever comes to completion!
The main factor in the PRZ is the 1.27 XA projection so I will be looking to go short just below that level.
The min. requirement for the is the 1.618 projection of BC , so if PA reverses there I will miss this one, however the R/R wasn't ideal with that low an entry since I want to keep my SL above the 1.41 ext. of XA.
Also: This can only occur if we get passed the based on the January high. If we get above that high point where alot of SL should be situated we could have a significant spike up if these SL levels are triggered which makes me put my entry and SL high enough!
On the other hand: if the January high level breaks it could turn into support, limiting the down retracement based on the ... We can only wait and see what happens and react accordingly, possibly changing the gameplan based on PA!
- TP1: 38.2% of CD (20-30%) >> partial profits, SL to BE!
- TP2: 61.8% of CD (50-60%) >> main target, most profits booked, shift SL.
- TP3: 100% of CD (10-20%) >> extended target (some sources even suggest the 127.2% retracement!)
I might consider a quick and small target at the January high level in case it turns into support, thus enabling me to leave my SL and limit my risk all in one go...