This is a high risk high reward setup. Resistance has been tested so many times that there is a high chance it could breakout. That's the risk. The reward is a very wide range if it bounces and a very tough level to break through if it shows a strong bear pattern. With such a wide range, it's a good idea to trail the stop down to the target level as this trade could take a little while. Momentum has been in favor of the bears so far, with very quick declines and choppy pullbacks. Let's hope this continues and wait for more bearish evidence around resistance. Always manage risk! Happy trading!
Order cancelled:
Price never managed to reach resistance and has formed a smaller range. It's best to move on from this position and not enter.