Setup Timeframe: 4H
Execution Timeframe: 4H
Risk: 2.55%
Reward: 5.14%
Reasons for Entry: Retracement back to the 50% fib, looking to get in at the end of the C leg. Also recently broke a resistance line turned support, so bullish bias.
Reasons for SL placement: Below the 78.6% fib and below the noise.
Reasons for TP Placement: Just below -0.27 fib extension level.
Note: Idea came from FMG.
Execution Timeframe: 4H
Risk: 2.55%
Reward: 5.14%
Reasons for Entry: Retracement back to the 50% fib, looking to get in at the end of the C leg. Also recently broke a resistance line turned support, so bullish bias.
Reasons for SL placement: Below the 78.6% fib and below the noise.
Reasons for TP Placement: Just below -0.27 fib extension level.
Note: Idea came from FMG.