Confluences listed:
1: Trendline breakout and close on the Daily timeframe
2: Change in market structure and new lower has been formed
3: Break and close below support around the 84.7** area
4: Bearish engulfing candle at support
Summary:
Entry will be taken during the NY session. The trade has a potential RR of 2.5: 1 or more, depending on how deep the pull back is. Target are set using fibs from the high to the low of the breakout candle.
Comment:
Market is moving closer to our target. We will continue holding.
Trade closed: target reached:
Despite price moving back to out original entry point, the trade was still valid due to the stop loss not being hit. Nice RR 3:1