Price is currently ranging in a bearish channel, a series of lower lows and lower highs suggests that a new lower low is expected. Price could create a lower high whilst breaking to the upside of the trend line, therefore hitting our stop loss. To mitigate this, entering after the break of the counter trend line (best seen on 4hr) and the support area should cause price to push down towards the bottom of the channel.
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New entry found - Waiting for 4 hour close & counter trend line break