Setup Timeframe: 4H
Execution Timeframe: 1H
Risk: 2.56%
Reward: 6.28%
Reasons for Entry: In the 50% - 61.8% bearish fib zone, the 61.8% fib level also matches up with a daily support zone that was broken, and should now act as resistance.
Reasons for SL placement: Good distance above 61.8% and broken support zone, room for it to make some noise.
Reasons for TP placement: Somewhat above a zone where has found some support in the past, could find support, or temporary support, in this area again.
Execution Timeframe: 1H
Risk: 2.56%
Reward: 6.28%
Reasons for Entry: In the 50% - 61.8% bearish fib zone, the 61.8% fib level also matches up with a daily support zone that was broken, and should now act as resistance.
Reasons for SL placement: Good distance above 61.8% and broken support zone, room for it to make some noise.
Reasons for TP placement: Somewhat above a zone where has found some support in the past, could find support, or temporary support, in this area again.