EURUSD Short 3R

25 Nov 2021

Short entry taken on EURUSD. The entry was taken off the 50% Fibonacci retracement level as well as coming off a small order block and zone of resistance. The higher timeframes showed me that price was short biased and wanting to come lower by breaking past previous lows and setting in new lows. When I saw that price was ranging I knew to wait for price to retrace up in the London open, giving me an entry to go short back down to the bottom of the range, where sell stops are expected to get taken out. Overall a very good trade, but because the entry was off the 50% fib retracement, the RR was less than usual, but still giving 3R to the final exit point.