Thanks for checking out this idea.
Here we have a beautiful 2618 setup formed on the hourly timeframe. It's not often that the is so nicely formed with symmetry and all, not that it changes the plan in any way :) The 2618 is a reversal strategy, so this is therefore a counter-trend setup.
Price is currently around 100 pips above my entry point of 108.400, therefore it is very likely we will make new highs before pulling back. If this happens, I adjust the fibonacci levels accordingly, and the entry is moved up to whatever price the new comes in at.
The reason we enter at the 61.8% is because it provides a greater than 1:1 risk to reward on the trade, and that is the entry point I have back-tested.
If you like this setup, leave a like, it's free and I really appreciate the feedback.