Well as the title suggests this is another speculative short on the retracement to the .50 / .618 Fibo resistance. Bearish price action we have at the moment is the long legged doji at Fibonacci resistance(Shows that bears did enter the market, and bulls came back into the market but were not able to make a higher close). The following day added to bearish conviction with bulls making an unsuccessful attempt to break yesterday's high, and price closing below yesterday's closing price (Showing bears are starting to take control of this pair once again).
Stops are outlined, risk is favorable in regards to the reward offered. Trade is taken in two parts, upon reaching the first target stops are moved to break even.
Cheers, and happy trading! =)
Stops are outlined, risk is favorable in regards to the reward offered. Trade is taken in two parts, upon reaching the first target stops are moved to break even.
Cheers, and happy trading! =)