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%.
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.
[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.