Exit all short positions -4hr timeframe from May 21 entry for profit. Look forward for long positions accordingly to your timeframe (4hr) and risk setup.
Reached bottom boundary target, take profits from all the previous short positions and wait for signals of future possible long positions
Confirmation of a downward movement from the top boundary to support short positions.
Correlation is not causation, but we have seen this pattern three times before for long then short positions (again!)
Time frame is very important in your setup for this pair. There are two descending channel with short 1hr timeframes that you could profit with short positions but require periodic lookout. There is also a long-term ascending channel with 4hr timeframe. Considering the strong resistance zone created since April 16th, you would want a strong bullish confirmation...
Tracking long term short entry (month) and waiting for a breakout below a temporal upward trend line for a short term short entry.
Waiting for retests of two trend lines for the next week
Depending on your entry early, or now – there is support for a downward movement. Don’t flinch, previous downward trends have progressed with some noise.
Exit some/all of the long positions from previous entry for profits depending on your risk setup as we are approaching the inside down trend line that has blocked upward trends in the past 3 times.
Second test of the top boundary – exit most/all of your long positions from our previous entry. Start looking into short positions, but also considering possible temporal inside rising channel for next week.
According to your risk setup, you can exit some short positions if you entered earlier as the downward movement is about to hit a test line created since late march. It is likely that with time, it will move past the test line to the main lower boundary especially because the bearish candlestick pattern is seen 3 other times for a strong downward trend. There are...
For those profited from the short positions since yesterday, monitor the inside upward channel as the price is about to hit the bottom boundary. You can exit some short position depending on your risk setup and/or allow some to possibly drop to the bottom boundary of the outward upward channel.