Entered a aggressive market sell on a bearish engulfing and bearish structure
Reasoning (Medium Conviction):
Stop loss is placed above previous highs & 78.6% Fib Level to allow breathing room.
Take profits would be placed at the test of previous lows and exited if any rejection is found. Final TP would be at next level 1.15000 which lines up with the -27% Fib level.
Reasoning (Medium Conviction):
- There is an imbalance in price from the previous bullish run
- Price tested and rejected order block
- Price tested and rejected 61.8% Fib Level
- Price tested and rejected level 1.16000
- Bearish engulfing candle
- Moving average crossover & Rejection on M15
Stop loss is placed above previous highs & 78.6% Fib Level to allow breathing room.
Take profits would be placed at the test of previous lows and exited if any rejection is found. Final TP would be at next level 1.15000 which lines up with the -27% Fib level.