The market gave us a false breakout above the downtrend line in the daily chart
. If we look at the 4H timeframe, we can see that the price moved back to the key support zone
. The price action in this zone is important for us.
If the price bounces, it will give us a new buying opportunity. We will trade in the borders of the price channel . Stop orders should be placed below the local swing low and the support zone .
If the price breaks the support zone , I would wait for a pullback and use a reversal signal from a new resistance zone .
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.