Price is currently ranging in a bearish channel, a series of lower lows and lower highs suggests that a new lower low is expected. Price could create a lower high whilst breaking to the upside of the trend line, therefore hitting our stop loss. To mitigate this, entering after the break of the counter trend line (best seen on 4hr) and the support area should cause price to push down towards the bottom of the channel.
Note
New entry found - Waiting for 4 hour close & counter trend line break
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.