Background: - Bearish reversal candle after testing daily horizontal resistance of 129.1 and 20MA resistance - The reversal candle also occurred as a fake breakout of a multiday inside candle formation
Entry: - Sell stop @ 126.949 (Trade triggered in the time of writing this)
TP: - Set at low of the 7 October 2016 candle @ 125.0
SL: - Set at 50% fib level of the reversal candle @ 128.1 (10 pips above 128.0 round number)
Alert: - R:R doesn't not seems awesome at 1:1.69 only, might go further south to test recent monthly low @ 120.0 - However doesn't set such huge TP as the weekly chart seems to be forming a bullish divergence pattern
Trade closed: stop reached
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Update - 4 November 2016: - Price reversed and triggered my SL with 100pips losses. - Maybe a higher SL at above the reversal candle high would have keep me in the market but seems like the pair is quite bullish in with the current bullish reversal candle - Probably would reenter should if another bearish reversal candle formed at the horizontal 129.1 resistance.