Using the following to back a short entry on EUR/GBP on the daily chart:
- inside bar
- resistance at ~0.7120
- mother candle rejects:
- 50 ema and closes below
- 0.786 Fibonacci level and closes below
- Fibonacci cluster
- falling trend line for the 4th time closing within the downward trend channel
- Stochastic hidden bearish divergence (comparison of swing highs), and Stochastic and RSI convergence
entry - below low of inside bar
stop loss - above high of mother bar
target - previous swing low or lower
- inside bar
- resistance at ~0.7120
- mother candle rejects:
- 50 ema and closes below
- 0.786 Fibonacci level and closes below
- Fibonacci cluster
- falling trend line for the 4th time closing within the downward trend channel
- Stochastic hidden bearish divergence (comparison of swing highs), and Stochastic and RSI convergence
entry - below low of inside bar
stop loss - above high of mother bar
target - previous swing low or lower