Description in chart ---> Overall Context Below
At this point the price is close to the upper Limit of the Weekly trend channel (see chart below), therefore I would not be looking to take long positions, instead of it, if the price gives a good Risk Reward ratio I would be looking to enter short --->> if the price breaks the trend line, then consolidate/retrace
Wait for price action signals that show weakness in the market and the enter short. Overall context below
Expect a consolidation/retracement and then enter long in order to go in the direction of the underlying uptrend
At this point I would expect a buyers "trap" around the area where the TC was activated (Blue arrow), in this order of ideas if the price is unable to keep pushing higher I would be looking to take a short position, off course based on the price action
The price has an acceleration to the downside and in the most immediate context the price fits its price action within the boundaries of a TC, therefore if the price breaks the TC then a short could be triggered, looking for a continuation of the downtrend
Wait for the consolidation/retracement, and then sell the Break Out
WAIT for the BO, then WAIT for the consolidation/retracement and ENTER in the BO of the consolidation --- this is the WWE pattern :)
Wait for the consolidation and then buy the BO in order to enter in the direction of the underlying trend
Description on the chart and overall context below