Break and Retest play on higher timeframe
TP is a bit far and I am uncomfortable, once price moves in my favor either BE or TP hit.
2 entries
1st entry market order on 1H after seeing bearish rejection to upside
2nd entry sell stop on 30M bearish candle following
ABC correction is seen after 5 Elliot waves, after point (C) has made retracement to .618 fibonacci level instead of continuing the downtrend it broke above orange trendline. Previous bullish candle has relatively high volume. High volume of sellers at .618 of wave (C) indicating downtrend to resume however, were overwhelmed by buyers pushing prices further up,...
Setting multiple TPs.
Setting tighter stop loss at below minor trend channel as price is in higher part of a bigger trend channel on higher timeframe.
Weekly S/R (10,850/11,525)
Looking for profits in the next impulse wave on the 1 hour chart.
Final TP is at upper trend channel however, setting multiple TPs.
Stop loss set below previous swing low (2 swings acting as support)
Price is testing the dynamic support on trendline.
Weekly S/R (113/137)
