Setup Timeframe: 4H
Execution Timeframe: 4H
Risk: 3%
Reward: 7.4%
Reasons for Entry: Broke above a long term bearish TL, so has a bullish bias. Making higher highs and lower lows, set order right above the 61.8% bullish fib level, which also corresponds closely with a bullish TL bounce.
Reasons for SL placement: Below the bullish TL, and below the 78.6% fib level.
Reasons for TP placement: Right below the -0.27 fib extension level.
Execution Timeframe: 4H
Risk: 3%
Reward: 7.4%
Reasons for Entry: Broke above a long term bearish TL, so has a bullish bias. Making higher highs and lower lows, set order right above the 61.8% bullish fib level, which also corresponds closely with a bullish TL bounce.
Reasons for SL placement: Below the bullish TL, and below the 78.6% fib level.
Reasons for TP placement: Right below the -0.27 fib extension level.