AUDUSD Long
Setup Timeframe: 4H
Execution Timeframe: 1H
Risk: 2.05%
Reward: 8.91%
Reasons for Entry: At the 50% fib level on the daily and 4H, showing good bounce on the hourly, also broke through a bearish hourly TL and then retested.
Reasons for SL Placement: Below the 61.8% level, below the S1 pivot level, and also below a previous resistance zone.
Reasons for TP placement: At the -0.27 fib extension level, could be a somewhat long hold.
Note: Since this trade looks to be a long hold, could be good for multiple entries on pullbacks as it starts an uptrend.
Execution Timeframe: 1H
Risk: 2.05%
Reward: 8.91%
Reasons for Entry: At the 50% fib level on the daily and 4H, showing good bounce on the hourly, also broke through a bearish hourly TL and then retested.
Reasons for SL Placement: Below the 61.8% level, below the S1 pivot level, and also below a previous resistance zone.
Reasons for TP placement: At the -0.27 fib extension level, could be a somewhat long hold.
Note: Since this trade looks to be a long hold, could be good for multiple entries on pullbacks as it starts an uptrend.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.