Setup Timeframe: 4H
Execution Timeframe: 4H
Risk: 2.72%
Reward: 9.88%
Reasons for Entry: At the top of a bearish trendline, showing rejection. Also in the zone between the 50% and 61.8% fib level.
Reasons for SL placement: Above the trendline, above the 61.8% level, and above the rejection wicks.
Reasons for TP placement: Near the previous bottom.
Note: Could have some possible trouble breaking through previous double top shown on the 4H timeframe, will evaluate trade at this level.
Execution Timeframe: 4H
Risk: 2.72%
Reward: 9.88%
Reasons for Entry: At the top of a bearish trendline, showing rejection. Also in the zone between the 50% and 61.8% fib level.
Reasons for SL placement: Above the trendline, above the 61.8% level, and above the rejection wicks.
Reasons for TP placement: Near the previous bottom.
Note: Could have some possible trouble breaking through previous double top shown on the 4H timeframe, will evaluate trade at this level.
