Well folks what we have here is a beautiful short setting itself up if price decides to make its way up to the .382 Fib Level which is also the previous structure support at the psychological round number of 1.5000. If price does make it's way up to that area then I will go down to the lower time frames (4HR / 2HR / 1HR) to find confirmation of price being rejected at the previous structure support which has become the new daily structure resistance.
If the trade is taken primary trade targets will be at the -.27 Extension in which 50% of the trade will be taken off the table & stops moved to break even.
Secondary price targets will be at the -.618 Extension in which 25% of the remaining trade will be taken off the table.
I will leave the final 25% of the trade active with an overall target being the weekly support at 1.3700. (I will also be looking to add to this short along the way. I will post more charts on this pair as it progresses lower).
Now the important part: Stops will be placed above the .50 Fib Level roughly around 1.5140.
Happy trading traders =)
If the trade is taken primary trade targets will be at the -.27 Extension in which 50% of the trade will be taken off the table & stops moved to break even.
Secondary price targets will be at the -.618 Extension in which 25% of the remaining trade will be taken off the table.
I will leave the final 25% of the trade active with an overall target being the weekly support at 1.3700. (I will also be looking to add to this short along the way. I will post more charts on this pair as it progresses lower).
Now the important part: Stops will be placed above the .50 Fib Level roughly around 1.5140.
Happy trading traders =)