We have identified a series of new lows, so predict that a further move to the downside is on the cards, with a re-test of the previous low set as our target. Using an ATR based stop above the previous high, we can retrace back to establish a minimum 1:1 entry. Look for a lower low lower close candle in the red zone as a signal for predicting the move lower.
Order cancelled
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Entry signal was not met therefore we did not enter the trade.