EURUSD forming a really nice reversal, remain bearish

FX:EURUSD   Euro / U.S. Dollar
Sell below 1.1666. Stop loss at 1.1738. Take profit at 1.1573.
Reason for the trading strategy (technically):
Price has started to form a really nice reversal pattern as we first suspected. We remain bearish below major resistance at 1.1666 ( Fibonacci retracement , horizontal pullback resistance, breakout area, bearish divergence) for a further push back down to 1.1573 support ( Fibonacci extension , horizontal swing low support).
Stochastic (21,3,1) is dropping nicely with good downside potential. Bearish divergence vs price signals that a reversal is impending.
i don't get your strategy with win/loss ratio you want to loss more than to gain or something?
+2 Reply
@nash3f, If I may answer for him – not to be presumptuous in my response- MEX_Exchange, but the way I see this, technically speaking, there is a strong reason to believe a reversal is impending, I.e. the divergence between price and indicator- as mentioned by Mex-exchange.

In my mind, the stop loss he’s used offers further protection to fulfil this trade. The TP whilst it may seem as though it is an unbalance R:R to yourself is actually further protection against the trade i,e less is more!

This is my understanding of this approach anyway. I could be chatting utter shit, he may disagree :D
dakkid nash3f
@nash3f, Trade was conducted few days ago, so entry point differ from when you look at the post... But if you entered it right, risk/reward is 1:1 approx... Not the best R/R ratio but hey, it's a free signal.
thank you for the great analysis
Thank you!
Thanks for your guidance sir..
wow... good idea... thanks...
thanks for the analysis MEX_Exchange...
Will the NFP news affect the movement later?
JonathanNomganga thejuveniletrader
@thejuveniletrader, what time is the NFP releasing the NEWS
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