DAILY: 1. prev. daily candle hit 71% fib level and closed below the 61.8% key level (rejection) 2. prev. daily candle closed below the daily descending trendline (green).
points 1 + 2 above, indicate a possible short trade setup (pair currently running in a downtrend = Shorts >>> longs)
4H: - yesterday there was a bearish engulfing candle stick = further downside confirmation (pink sphere) - waiting for retest + entry of the 61.8% fib level (zone)
Entry: - waiting for retest of trendline + 61.8% fib level for further downside mvnt. - watching oil and CHFJPY for correlation which will further indicate whether setup is viable or not. - watch fundamentals releases for the day
invalid set up if: - 4h candle close inside zone (above 61.8% fib level) - no clear indication of retest on daily time frame