Looks like we have finally entered a downtrend. Some sort of pullback is expected. 1.2356 looks like a good spot to enter for the following reasons:
Woodie daily pivot
61.8 Fib retracement
RSI 4H indicates downtrend
Consumer confidence looks bearish (prev 0.1, forecast -0.2)
There's a chance the downtrend is too strong and won't be able to pull back past 1.2347, in which case it'll be a missed trade; we should look for an entry next week.
Entry 1.2356
SL 1.2373
PT 1.233, 1.23
Woodie daily pivot
61.8 Fib retracement
RSI 4H indicates downtrend
Consumer confidence looks bearish (prev 0.1, forecast -0.2)
There's a chance the downtrend is too strong and won't be able to pull back past 1.2347, in which case it'll be a missed trade; we should look for an entry next week.
Entry 1.2356
SL 1.2373
PT 1.233, 1.23
Comment:
Yup, looks like a missed trade. Should have entered at 1.2347 but I like tight stop losses.
Comment:
As a reminder, I need to set my pending orders before London session.