There are 2 conditions you will need to watch for before entering this trade. Firstly, if price retests 1.09642 and fails to break and settle above we will look for condition 2. Secondly, if we see a 4 hour candle close below our 61.8% fib level 1.09481 we will make our entry.
We have a two step take profit to break even structure on this trade. Once we hit our first take profit at 1.09037 we will close half of our position and adjust stop loss number to break-even (1.09642). You can now set the remaining bit of trade to target 1.08334 which will net you 1.19%.
When Does This Setup Become Invalid:
If we see price break above 1.09642 before it was able to close below our 61.8% level (1.09481) on the 4 hour chart, the trade setup no longer exits.
We have a two step take profit to break even structure on this trade. Once we hit our first take profit at 1.09037 we will close half of our position and adjust stop loss number to break-even (1.09642). You can now set the remaining bit of trade to target 1.08334 which will net you 1.19%.
When Does This Setup Become Invalid:
If we see price break above 1.09642 before it was able to close below our 61.8% level (1.09481) on the 4 hour chart, the trade setup no longer exits.