Everything is pointing towards a short consolidation. The fundamentals this morning are heavy on the jawboning. The German and Eur fundamentals were weak but I expected more downside but the technicals appear unceratain. I have a sell stop at 1.0975 and a buy stop at 1.0997 (1:3 and 1:2 r/r ratio respectively). I believe the downside has further to go as it is with trend.
Comment:
Tenkan sen and Kijun sen crossed to bias for an upward move on the 15min but still firm with downward bias on the 1hr.
Comment:
The pair has not been this low since early May 2017.
Comment:
I entered the trade at 1745 to the upside at the above price and was stopped out with a 10 pip loss. I still believe the strategy was sound but I will use the base of the candles vs the wicks on earlier candles as my entry points. Had I done this, I would not have entered the trade and it would have cancelled at the end of the day.