Pure speculation on a retracement back to prior support

Well here's the trade idea; I'm monitoring for price to make a retracement between the .50 / .618 Fibonacci area to enter short upon bearish candlestick confirmation. With stops roughly around the 200 Moving Average for around 80 pips risk. If price does not retrace to the area outlined on the chart then I will move on to another setup in a different pair, or adjust my original plan to the current market price action.

Trade targets are outlined... If the trade is entered then stops will be moved to break even upon reaching target 1.

Heres also a D1 Chart outlining daily support and resistance for the pair. Cheers =) Happy trading!


Update: Have not entered trade yet.