Broke Below Major Support Zone, Retracement Channel Completed at FR78.6%, Short EURUSD, 15th November 2016

EURUSD H4, Broke Below Major Support Zone

EURUSD M15, Retracement Channel

Technical Analysis:
The price has broken below a major support zone yesterday and within a major falling channel.
The price has yet to reach the bottom of the channel and thus expecting the price to fall further.
A retracement channel was then completed and the price started to fall from FR78.6%, breaking below the bottom of its retracement channel.
Market Sentiment:
The dollar is still strong and USDCHF has recently broken above a major falling trendline too, thus expecting the strengthening of the dollar to further depreciate EURUSD.
Trading Plan:
Short with 1/2 risk as execution is not within the market hour.
Stop loss set 20 pips above the top of the retracement channel.
First TP is seen at bottom of the retracement channel, followed by FR161.8% of the retracement channel.
Final TP is seen at major support level 1.0557.
EURUSD M15, Trading Plan

Hit stop loss resulted in a full loss due to the news release for EUR Prelim GDP.
Results: Loss 1.47%EURUSD.M15 result.png
The biggest mistake here is my failure to keep track of the economic news calendar. If I di, I would have exit partially and probably close the entire trade when the price broke above its previous high.
Secondly, the break below of the retracement channel was shallow. Just like when determining the first wave of a reversal, it has to be sharp with strong candle body, not something that staggers up and down and showing unclear direction.

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