Just keeping things simple on this trade for now as this is one of my favorite patterns to trade on the short term break outs. After a descent drop we often see a short term recovery, what i look to see here is if the bulls continue to make higher lows. Im not to fussed about the bears holding resistance still on a horizontal in fact I want that to happen to define a clear level for invalidation.
As we get squeezed into this tightening range of supply and demand I simply wait for the imbalance to flip and tell us which way we may be heading, these often offer high risk to reward and are generally fast movers. Only targeting previous structure around 380 mark and Happy to front run when we get close to manage my risk or just chase it up with stop losses and see what else it can give.
My stop loss placement is under the last previous higher low as a new validated level of support, how ever if we continue to walk sideways on this EQ level and break out of the up trend then I may close down my position flat.
Descent 4:1 plus so happy to take the risk on this one
Trade closed manually
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failed when we broke the trend and built structure, took a small hit on this one after closing down partial profit early on, meh move onto the next one