EURUSD had a failed bullish flag break. Will wait to see price action when swing low of that big run up is tested. Ultimately I'll be looking for a re-test of the original bullish flag trendline and bearish reversal patterns on the lower timeframes ( 1 min and 5 min ) to then take a short down to the 161% extension of the Measured move from the bearish trendline. the 161% is a conservative target. Depending on Price Action on the way down it might be worth trading down to 200% extension. I like failed patterns, they often produce good moves. Once it becomes obvious the bulls aren't in control, longs will cover and shorts will pile in creating a nice move before we resume any potential upwards move.
Trade closed: target reached:
This trade worked well. Will now watch PA to see if we get further downside or whether we get a bounce.