Price is trending down on this 6 hour time frame, higher time frames show price to be ranging. Pin bar formed on recent retrace, price pull back to previous support and past the 50% Fibonacci level. Entry placed half way on trigger candle, stop loss placed beyond previous support, profit target placed at next support level. Risk to reward 1:2
Trade closed: stop reached
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Comment
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Reviewing this trade, you can see the stop loss was reached briefly then priced continued down. The reason for the stop loss being reached was a speech by the president of the ECB. Even though it was just a speech, it was enough to cause volatility to reach my stop. Next time I will consider any upcoming speeches regarding England or Europe before placing a trade or extend the stop loss to cater for volatility.