Trying one of the famous Fibonacci and pinbar on daily.
Setup: Pinbar and closed in between 38.2% and 50%/61.8%
Ideal entry: between 38.2% and 50% retracement. Will enter also if the price closed in between 50% and 61.8% (will monitor). Anything above 61.8% will not enter
SL: 23.6%
TP: 123.6%
The risk to reward will be some where in between 1:1.61 ([123.6%-61.8%] / [61.8%-23.6%]) and 1:5.8 ([123.6%-38.2%] / [38.2%-23.6%]).
Some examples:
Setup: Pinbar and closed in between 38.2% and 50%/61.8%
Ideal entry: between 38.2% and 50% retracement. Will enter also if the price closed in between 50% and 61.8% (will monitor). Anything above 61.8% will not enter
SL: 23.6%
TP: 123.6%
The risk to reward will be some where in between 1:1.61 ([123.6%-61.8%] / [61.8%-23.6%]) and 1:5.8 ([123.6%-38.2%] / [38.2%-23.6%]).
Some examples:
Attached Image (click to enlarge)
