Just my own opinion with supporting confluences. Follow at your own risk!
Reasons to sell:
1. Head and Shoulders at top of uptrend - neckline retest is holding
2. Start of downtrend
3. same size bullish retracements (about 167 pips)
4. loss of bullish momentum at resistance (1.25000) on 4hr
5. reject 1.25000 resistance level
6. 8hr doji at 1.25000 resistance
7. clear 50% fib rejection
I used a more relaxed SL to let the trade breathe during the upcoming London session. ADJUST YOUR LOT SIZE ACCORDINGLY!!!!!
TP1 at the 27% fib extension and/or TP2 at the 61.8% fib extension
Reasons to sell:
1. Head and Shoulders at top of uptrend - neckline retest is holding
2. Start of downtrend
3. same size bullish retracements (about 167 pips)
4. loss of bullish momentum at resistance (1.25000) on 4hr
5. reject 1.25000 resistance level
6. 8hr doji at 1.25000 resistance
7. clear 50% fib rejection
I used a more relaxed SL to let the trade breathe during the upcoming London session. ADJUST YOUR LOT SIZE ACCORDINGLY!!!!!
TP1 at the 27% fib extension and/or TP2 at the 61.8% fib extension