With the pair reaching the recent high that was created a few hours earlier, I was able to enter the market just now at around 1.5230. The stop loss is only 40 pips at 1.5270 while the take profit level is at 1.5110 giving a possible profit of 120 pips! This is the first time where I will take a 1:3 risk to reward ratio. This is only possible because of the beautiful trade setup. This is a good entry for me since even before the price has reached this area, I was already looking for a short entry. I was even able to mark a bearish trend line in the hourly time frame which could possibly hold the price down and stop it upward move. I am now hoping that this pair will continue its downward trend. Just continuously hoping for the best.
For a more detailed explanation on the longer time frame, check my analysis here: goo.gl/QNXBR0