See Signposts for key price action details. If price spikes higher, there will be a pull back that would represent a scaling opportunity. The 4-hour level is currently structural so stop loss is set with respect to daily ATR.
Note
Just an update to this trade.The fakeout trade idea didn't play out as explosively as I thought it would. However, I think my directional bias is about to change given that price didn't sell off as strongly as I had hoped.
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Disclaimer
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.