This is a weekly chart. The trade has a Breakeven Stop Loss in place.
We show a zoomed in portion of the chart to point out:
- A Doji
- The Bearish Candle that followed (last week)
The trade was not taken simply because of a candle pattern. However, it can be noted that the Doji and the candle that followed were in the area of a longer term 50% level and there is a Price Action observation worth pointing out.
The Bearish Candle Engulfed the Doji and closed near it’s lows after creating a tail that is longer than the body of the candle.
At the time of writing, price is about 120 pips above the 38.2 Fibonacci Level. That could be a potential target.