EURCAD short entry - I will try again

Hi traders,

After my failed attempt to short the EURCAD yesterday, I am looking for a new entry. I think this s a great setup.
Why did I put the entry at 1.46000?

• 61.8% Fibonacci retracement of the big bearish move from May 2016 to June 2016
  
• 127.2% Fibonacci extension of the bullish move from June 2016 to July 2016
  
• 127.2% Fibonacci extension of the bullish move formed in July 2016
  
• Completed AB=CD pattern
  
• Previous structure
  

Entry: 1.46000
Stop: 1.46582
Target: 1.44983

Will keep this updated as time progresses. Good luck!

Trade active

Trade closed: stop reached