My reasons for this trade are: on weekly we can see price is looking to close as an inverted hammer (still waiting on close). On daily we had a strong bearish close yesterday showing momentum to the downside, it also closed back into my daily channel. We have seen some exhaustion on 4H between the 20EMA and 50EMA. Price is looking to test the 4H 20EMA at my zone, which lines up with 78.6% fib retracement from the previous wick high. On 1H we can see the blue zone has had many rejections over the last few days, the 1H 50EMA is also approaching this zone where I will be looking to short to 1.6355.
Trade closed: stop reached:
Bad trade for me, told myself earlier I wasn't going to trade for the rest of the day, bad trades all day heads not in it. Gotta learn when to sit on my hands