A nice day-trade setup here that meets my rules. Bearish 15m trend, break below 15m structure, below 50EMA, bearish engulfing after a pullback.
Also below a key Daily level (that may act as support and stop me out), but above a more major Daily level at 1.315.
The bounce above 1.32 has me nervous that we are about to see a reversal, but because of the room to the downside and the clearly bearish momentum this is still a valid trade for me.
Target at 2:1, S/L to B/E at 1:1. This kind of setup typically has a 45% win ratio so a loss will not be surprising. Risk management is key with technical strategies like these.