Indicators used:
fibonacci
little bit of stocastic
Trade Rationale:
looking at fibonacci we can see that the week is close exactly on 23.6% and i think stoploss over 38.2% and long previus shadow.
looking at news:
monday, thuesday raise.
wednesday thursday, friday down.
Trade Adjustments:
the pair could reach 1.585 carring stocastic in overbought so looking at stocastic keep shorting gaining more pips for second time breakdown.
My sentiment was its going to reverse from 1.5400 up to probably the 1.5700 zone so I would of went long, which I did at 1.5400 but price today just revisted it and I basically said WHAAAAT?
I would be careful with that SL… If you draw the fib retracement from the low at 1.52ish up to the latest high, you’ll see that price has actually bounced off the 79.2 retracement level, calling for a long trade (in my opinion). Although I’m pretty certain over the longer term being short is the right choice
