Bearish trend still intact *S/R* *Fibonacci*

FX:EURUSD   Euro / U.S. Dollar
1512 10 15
Update: Entered short upon the Daily doji close / Position size was drawn down to meet my R/R because stops are
still in the same area. So to keep potential losses at the same rate I had to draw down the position sizing. Same targets.

As long as the pair continues to make lower lows / highs then the bear trend is still intact unless trend transforms to higher lows / highs. Currently the pair is nearing a critical area of resistance which is the 618 Fibonacci Retracement from the previous high at 1.1526 (Daily 50 MA also lies within the 618 area). Simple structure trading, previous support becomes resistance upon invalidation.

Short Entry : At the 618 Fibonacci Area
Stops: Above 1.1250

Trade Targets :
1 = The low at 1.0460
2 = -27 Extension
3 = -618 Extension (Confluent with historical weekly support)

Notes: LH = Lower High , LL = Lower Low
-Upon execution of target 1 stops will be moved to break even, and managed accordingly. Also I will leave roughly 15% - 20% of the trade active upon reaching target 3 in order to average / compound back into medium to long term short positions into this pair! ;-)

Happy Trading traders! Do not let fear cloud your judgement, this is a business of probabilities! =)
Update: Still in the trade I took based off of the daily doji. But here are some intra-day levels to watch for IMO. I would like to see a break of the ascending TL for a continuation of the bearish momentum.
HiTech Daniel.B
Looks down now Dan, I changed my forecast as well
HiTech HiTech
and this is my trade setup
Daniel.B HiTech
Nice, lets see how it decides to play out man! Thanks for your charts =)
Update on Intra-day Price Action
HiTech Daniel.B
Agree, should have a nice swing up

Same Idea bro
+1 Reply
Daniel.B Fib.The.Gentleman
Yo Fibs!!! Nice man, glad to see others see it as well =D
The first leg up in the current rally went a bit farther than I'd expected, and had me second guessing the downtrend scenario. Thanks for the reminder about fear clouding judgement, and for pointing out the confluence of the 50MA/.618 Fib with previous support. I have target numbers spread throughout the extension area you show - hoping that area acts as a magnet for the last leg down...
+1 Reply
Daniel.B denovo
Yea its been a pretty impressive little pullback on the Euro. And no problem man, emotions are one of the most difficult aspects of trading IMO all we can do is keep them under as much control as possible. Glad you liked the chart bro! =)
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