On the way up some bumps will come along. Keeping a really tight stoploss
If it breaks the support level, my sellstop will be triggered
Backtested my pattern program and it signaled a long here.
I just follow the daily trendlines and take the direction angle from prevoius bounce angles.
This trading setup is based only on technical analysis. When noticeable higher highs have formed in a downtrend they usually go up 3 times. And if that is the case here the second or third bounce should end up around my target.
First target is right shoulder of head and shoulders pattern, second is the 1.618 fibo target of the first wave down.
This is my educated guess if the beginning of a breakout long channel