It seems the price has retraced to the degree it required to. Its similar degree to the one from the entry of my short. I think it is likely that the price is going to head up from here with temporal retracement. If the last push to the daily resistance DR1 was impulsive then this move to the upside shall break the daily resistance DR1. However, lets have the first target of this trade as DR1 but we will evaluate whether to close or let it run based on price action if it reaches there.
Note
The price has hit 4HR1 resistance. It is a resistance just before the daily resistance DR1 which is our target. I have closed half my position here at this resistance. Will add on retracement. Will let you know the region where I add it in case it comes down to that area.Note
The price is now at the 4h support zone 4HS1. The price may bounce from here so I will add some size here. Lets see if it goes up. if it loses this, I will close whole position.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.