Of course it depends on what timescale you are trading but the big move is long and that's what I'm interested in.
Analysis - Price has broken the previous down trend 240/Daily
We had a long impulse followed by a correction which we are still in.
As you know corrections morph as they develop which is why we wait for the completion and breakout before opening a trade.
This currently looks like a = IF (note if) price breaks out of this correction we wait for confirmation (i.e. smaller degree correction) then we enter a long trade.
Anything else invalidates the trade. - there is no trade at the moment
This is not investment advice - just my view of the chart for educational and discussion purposes
Hope this helps