Major Retracement, Top of Falling Channel, Short EURGBP, 28th November 2016

EURGBP H1, Falling Channel

EURGBP M15, 2 Waves of Retracement, FR88.6%

Technical Analysis and Market Sentiment:
Price has been falling gradually and steadily. It is seen resisted at the top of a falling channel now and also it was resisted thrice at an equal high. 2 waves of minor retracement have also completed and price started to fall from FR88.6%.
Trading Plan:
Short with 1/2 risk. Stop loss placed at  22 pips above previous swing high   .
Trade was executed outside market hours and  11 hrs before the next major news release.
Take Profit 1: 0.8468
Take Profit 2: 0.8408
Take Profit Final: 0.8317
Initial follow-up plan: If the price gains and closes above FR88.6%, exit 1/2 position.
EURGBP H1, Trading Plan

[29/11 00:06]
Re-short 1/2 risk as price retraced for a better entry price.

[29/11 17:36] Both trade hit stop loss resulted in maximum losses.

Trading Result: Loss 2.97 %

The previous wave of depreciation before the retracement was not a valid one as the break below of its previous swing low was due to market closure.

The setup was thus not valid in the first place and I am mostly blindly by the fact it was trading at the top of a falling channel.

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