I entered a short position at the 50% retrace of the rejection on Friday. My entry was supported by:
- Multiple event areas
- Market swing point
- 38.2 % retrace
- Moving average(s) are neutral
- Range bound market
- and Full are curling down near extreme levels
Stop loss was placed at 0.88930 for a 1% portfolio risk, and target profit is 0.87267. This is a low-risk trade that is offering me a 4.5 to 1 R/R.