stop loss1.26530 (63 pips)
take profit1.22205 (369 pips)
risk reward 5.9/1
risk percentage 1.5 %
Fibonacci extension for 1.272 profit target
fibonacci retracement and expansion for indication of strong market decision point
pattern recognition - identified correctional wave
my trades rationale is based on technical analysis.
there has recently been what i would call a change of trend from down to up.
having plotted several fib lines..i identified a region in price that is a KEY DECISION POINT ie lots of FIB retracements and expansions clustered above and around the 1.266 level
i determined that along with this strong INDICATION that if price retraced from this point ..the fact that i see a nice zig zag pattern which also indicates from my analysis that price could be ready for a reversal of trend....and taking into account some fundamental data.....
i felt strongly that price would be ready to get back on the downward trend and correct itself.
hence i set my profit target just above the 1.272 fib extension of the red and blue part of the ZIGZAG.
i anticipate the correction fully unfolding before wednesday next week.
if price gets close to profit target ...then i will take 75 percent of my profit and leave the rest on ...and adjust my stop loss to a level just above the retracement.