Week 7 Trade 2 UJ Short
Updated
Reasons for entry:
- Price has reached and rejected the 61.8% fib on the daily
- Price has reached and rejected the 88.6% fib on the 4hr timeframe
- Price is loosing momentum
- Eveningstar candlestick formation on the 1hr timeframe
Entry Timeframe:
- 1hr Eveningstar formation
- @110.55
Stop Loss:
@1.1266 (-12pips)
Take Profit:
- Target 1 @108.50 (+204pips) = Risk/Reward : 1:16.2
- Target 2 @105.00 (+554pips) = Risk/Reward : 1:44
- Target 3 @102.00 (+854pips) = Risk/Reward : 1:67.8
Notes:
- Tight SL, will look to add a second entry should price break and close beneath the trendline
- If price fails to break below the trendline I will either close the trade in slight profit or move my SL to BE (Break-Even)
- Price has reached and rejected the 61.8% fib on the daily
- Price has reached and rejected the 88.6% fib on the 4hr timeframe
- Price is loosing momentum
- Eveningstar candlestick formation on the 1hr timeframe
Entry Timeframe:
- 1hr Eveningstar formation
- @110.55
Stop Loss:
@1.1266 (-12pips)
Take Profit:
- Target 1 @108.50 (+204pips) = Risk/Reward : 1:16.2
- Target 2 @105.00 (+554pips) = Risk/Reward : 1:44
- Target 3 @102.00 (+854pips) = Risk/Reward : 1:67.8
Notes:
- Tight SL, will look to add a second entry should price break and close beneath the trendline
- If price fails to break below the trendline I will either close the trade in slight profit or move my SL to BE (Break-Even)
Trade closed: stop reached
SL Hit -12pips, looking for another entry to enter ShortComment
Price is struggling to break through 111.00, could possible see another short opportunity soon.
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