Treating this as a No.4 wave , where the No. 4 wave is often saturated with flats and triangle, i'm awaiting confirmation of the next two candles to verify a move down to second channel line. If the market presents a catalyst in favor of my direction. i wouldn't be too presumptuous to set a limit order at 1.31515, rather i'd prefer to bring my stops past break even to a retracement level (cannot be selected now) , watch a lower time frame for reversal candles at target in the event of higher , hold out for further gains downwards. we also have slight divergence showing on (but not confirmed). presents a good win/loss ratio, using the first stop loss = more gains than second since stop loss should determine the amount won.
two hours have past and still no clear entry signal; however, if price manage to close above channel line, i will look for a possible entry at my conservative stop loss, and use the next stop loss. I will treat the structure as an irregular(expanding) flat. however, i'm more in favor of my first scenario, simply because of the possibility of a 6:1 risk/reward. upon confirmation of candle stick on the 1 hour chart, i will also check the 2 hour chart for confluence before execution.