Setup that initially kept stopping me out due to a low placed stop loss via my 4H timeframe entry. There were red flag news which could’ve caused the wicks that were hitting my stop. Overall, from this trade I see that gold zone entries are the most ideal & the stop loss has to have enough of a cushion under the gold zone yet still about a 1:3 RR to be valid for a highly probable trade. By default I was setting stop losses on the low 20s but it very much needed to be closer to 30 if not a little more considering the placement of my gold zone.
Confirmations:
- price at steep 1H/4H trend line
- fib level gold zone entry
- 1:3 RR
- price oversold via RSI
Confirmations:
- price at steep 1H/4H trend line
- fib level gold zone entry
- 1:3 RR
- price oversold via RSI