As you can see on the 4 hour time frame, we have identified a descending channel with multiple touches to the 4h trend line. Using the Fib there is a rejection of the 78.6% coming together. Should this bearish closure occur we can look to short toward the -27 fib extension for roughly 80 pips. The Risk Reward here is inline with our risk management. Good Luck & Happy Trading.
Trade closed: stop reached:
Despite being in profit roughly 20 pips, as we broke above the channel, stop loss was met and this trade was a minor loss of 30 pips in total.