I've Drawn a fib from the previous highs around the 1.2000 level
price made a low around the 1.5000 level, pulled back and has now rejected the 61 level of the fib with 4 daily candles.
I'm expecting price to fall from here and make a new low at the 1.4500 level
currently in this trade and just waiting.........
Trade closed: stop reached
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I was stopped out of this trade.
Lesson learnt: Place stop in a better place.
Although I thought my stop was placed well but looking back at the trade i could have placed my stop above the prior high. Even though price hit this level anyway I would have felt better about the trade.
Even placing the stop about the 78 fib region would have been the best place to put the stop.
I need to make sure that I look at the structure of the trade set up and place the stop in an area that means sense structurally.