Long or Short: Short
Entry Point: 1,3360 (sell-stop under rising trendline)
Stop Loss: 1,3475 (115 pips)
Profit Target/s: 1,3115 (start of “rising wedge”)
Reward-to-risk Ratio: 1:2
Risk percentage: 1%
Indicators used: Fibonacci, Stoch, and MACD
Trade Rationale:
-daily and 4h candlestick charts
-potentiel resistance at 38.2% Fibonacci retracement level on daily chart for setting stop-loss
-potentiel resistance at 1,3470 which previously served as resistance for setups/formations on daily chart
-potentiel top signal with “regular bearish divergence” with MACD on 4h chart
-stoch approching “over-bought” conditions on daily chart
-stoch “over-bought” on 4h chart (should be exiting when entry point is attained)
-market sentiment established with Oanda’s clients long/short ratio 53.90% / 46.10% (still room to go down)
Trade Adjustments: Set stop-loss and profit-stop with entry order. Then be PATIENT and let it ride to proft target or stop-loss. Be PATIENT and have confidence in trade idea. Did I say be PATIENT?
