Long or Short: Short
Entry Point: 1.0025 (near the previous high)
Stop Loss: 1.0070 (above the major 1.0050 area)
Profit Target/s: 0.9850 (bottom of the range, major level for the pair)
Reward-to-risk Ratio: 4.44:1
Risk percentage: 1%
Indicators used: 14,3,3 Stochastics
Trade Rationale:
Technical - Stochastics on the overbought area, price is at the top of the range
Fundamental - Possible risk appetite over the next couple of days due to good Chinese and US data
Trade Adjustments:
I’m thinking of entering at market if price doesn’t look like it will reach my entry levels. If I get triggered, I’ll move my stop to break even once price reaches the middle of the range.