I am looking to see price come up the my entry price if it does there are many conformations supporting a sell from using a harmonic scan, harmonic pitch forks, Bollinger bands, stoch (over bought 1hr) and quarter theory.
I entered this trade on the 1 min chart for a killer entry with little to no draw down my stop loss is only 7 pips. My risk to reward is 1:4 if my TP is hit using the harmonic scanner, pitch forks and RSI helped me determine this trade and entry.
Potental swing trade I will be taking if price comes to my red pitchfork, I see the market it way over sold on higher time frames so with waiting till the market hits the pitch fork on the 15-1 min will insure a small stop loss with high reward.
I am looking for price to come up to my quarter theory lines if it respects it I will be looking to go long entering in the 1-15 min TF although I am doing my analysis on the 1 and 4 hour I am just looking for the best possible entry.
I entered with a Market Ex going long with a 4 pip stop loss and a 14 pip TP that is just under 1:4 risk to reward. I believe that it will continue up in the long run although I am looking to have a higher ROI so I am using lower stop losses
