After selling from the high of the channel, price now tested the support level to attempt a break lower. A pending order can be placed below the low, safest stop above the 50% retracement where price retraced before continuation. RRR is 1.11, unless your stop is more aggressive.
Alternatively, a long is possible with a much tighter stop to attempt a trade back to the highs of the channel or a break above the 50% retracement.
Alternatively, a long is possible with a much tighter stop to attempt a trade back to the highs of the channel or a break above the 50% retracement.
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Price finally reached the low of the channel, take or profits or lock them in. Now we can wait for further price developments, hopefully testing the trend line on a daily next.