Technical Analysis and Market Sentiment:
I have shorted based on the same setup of a retracement channel completed within a major resistance zone but the trade failed with minimum loss due to shifting of stop loss incorrectly. Therefore, this trade is treated as a new trade and is not meant to be a ‘revenge trade’. The trade setup here is the same except that there is a re-test of the retracement channel swing high and the top of the major resistance zone, thus signaling that the price will resume depreciation.
Short with 1/2 risk. Stop loss placed at 20 pips above retracement swing high .
Trade was executed within/outside market hours and 10 hrs before the next major news release.
Take Profit 1: 0.7346
Take Profit 2: 0.7185
Take Profit Final: 0.7019
Initial follow-up plan: Shift stop loss to retracement swing high only when the price reaches TP1 at FR88.6% of retracement channel. If price closed above the previous high, full exit.
Trading Result: Gain/Loss %