Setup Timeframe: 4H
Execution Timeframe: 4H
Risk: 3%
Reward: 8.4%
Reasons for Entry: Rejected the bearish TL, which lines up with a bearish 78.6% fib, oil also looks bullish. NZD index looks bearish.
Reasons for SL placement: Above the recent highs and above the bearish TL, and at the 78.6% fib level.
Reasons for TP placement: Good RR, right at the current 200sma and close to a bullish 50% fib just in case.
Execution Timeframe: 4H
Risk: 3%
Reward: 8.4%
Reasons for Entry: Rejected the bearish TL, which lines up with a bearish 78.6% fib, oil also looks bullish. NZD index looks bearish.
Reasons for SL placement: Above the recent highs and above the bearish TL, and at the 78.6% fib level.
Reasons for TP placement: Good RR, right at the current 200sma and close to a bullish 50% fib just in case.