So far price action has formed a diagonal trend line, so I believe if it respects that level the price should bounce up and head towards a double top. There's also the possibility that we don't get filled and the price starts trending up without us, which is fine. We want to put the SL at a level that makes sense and the only one such is just too far, giving us a pretty bad Risk:Reward Ratio.
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.