DislikedI've never tried that on a cross but I think it should work well.
I'm sharing my view on this particular trade if you don't mind.
1-Looking at daily chart you have to opt for a very wide SL
2-I dont have RSI(14)>=70 on the levels you showed. I got my sell signal after that on that short term rally.
Overall, the sell signal (on my chart) is a very solid entry as it is located on weekly pivot so the confidence is high.Remember not to jump in too soon and locate your SL, if the price goes higher but SL level is not hit it's OK to add to your...Ignored
I really appreciate your comments on this trade. That is why I will be posting all my trades on this setup; to get some feedback and learn a bit more.
My comments on your comments:
1. I actually picked a smaller SL. I don't know if I was taking too many risk of being stopped out with it but I chose 68 pips SL @ 0.8651. This was based on the resistance at that level on a daily chart (see attached image)
2. You are right. I took that trade at RSI = 68.9. I guess I was eager to try this strategy that I didn't wait for RSI > 70. The right entry point should have been the one you identified.
Once again, thank you for your feedback.