Excellent job on the short established on the swing high in the 1.3050 region. Unfortunately I cannot see this pattern as having formed, or even playing out as intended by Mr. Carney.
These structures rely on almost to the pip accuracy when they form, and require no more than a 10-20 pip conservative stop at the swing points. It is unfortunate that the BC leg never reached the 1.618 extension of AB as that sits around 1.2775 and is a must (minimum) for this pattern to be considered in the works and establishing. Secondly, the pull back 11 pips shy of the 0.618 BC strengthens the case that this pattern is not playing out; specifically, price did not even hesitate at the 0.50 BC = PRZ area, rather it bulldozed straight through implying larger market players were not prepared to trade this structure in the slightest.
All that being said, you were able to enter an excellent short position close to a significant pull back fib which has landed you on the right side of the trade here and credit is due.
These structures rely on almost to the pip accuracy when they form, and require no more than a 10-20 pip conservative stop at the swing points. It is unfortunate that the BC leg never reached the 1.618 extension of AB as that sits around 1.2775 and is a must (minimum) for this pattern to be considered in the works and establishing. Secondly, the pull back 11 pips shy of the 0.618 BC strengthens the case that this pattern is not playing out; specifically, price did not even hesitate at the 0.50 BC = PRZ area, rather it bulldozed straight through implying larger market players were not prepared to trade this structure in the slightest.
All that being said, you were able to enter an excellent short position close to a significant pull back fib which has landed you on the right side of the trade here and credit is due.