Here is a second opportunity to enter a short trade in this market:
Stop Loss: 6 pips above the "Engulfing" candle.
Short Entry: 4 pips below the "Engulfing" candle.
Take Profit: 3:1 reward to risk ratio
If this pair is starting a downward trend then it should be making lower highs and lower lows and should not take out the Stop Loss.
If the Stop Loss is taken out then this pair is not in a downward trend and we do not want to be in this Short position anyway.
I already have a position in this currency pair so I will not be taking this trade.
Stop Loss: 6 pips above the "Engulfing" candle.
Short Entry: 4 pips below the "Engulfing" candle.
Take Profit: 3:1 reward to risk ratio
If this pair is starting a downward trend then it should be making lower highs and lower lows and should not take out the Stop Loss.
If the Stop Loss is taken out then this pair is not in a downward trend and we do not want to be in this Short position anyway.
I already have a position in this currency pair so I will not be taking this trade.
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