I rode EUR GBP long from the 61.8 fib level to 38.2 fib. Took profits at 38.2 fib as it consolidated and just waited to watch what it does.
Looks like a false move up or stop hunt on today's candle (long wick up) before shooting down so I entered a short.
Entered: .89164
TP: .88533 (This is the 50 fib retrace level, next level down.) (67 Pips potential profit)
SL: .89878 (Recent double top level right above the 38.2 fib level) (67 pips potential loss)
Risk to reward ratio 1:1. Not the best risk to reward but I felt like rolling the dice on this quick trade.
Looks like a false move up or stop hunt on today's candle (long wick up) before shooting down so I entered a short.
Entered: .89164
TP: .88533 (This is the 50 fib retrace level, next level down.) (67 Pips potential profit)
SL: .89878 (Recent double top level right above the 38.2 fib level) (67 pips potential loss)
Risk to reward ratio 1:1. Not the best risk to reward but I felt like rolling the dice on this quick trade.