If you look at the bigger picture, the weekly chart, price is right at a strong level of resistance. I would wait for confirmation on whether it will break through, turning that resistance into support, or if it bounces back down. Keeping in mind that the overall trend (long term) is up.
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You could wait for a retest of the trendline
Stop loss is too far away.
The other way you could look at it is there is nothing to improve. You’re trading a strategy and you will have losers sometimes. But the risk reward of the winners may make you profitable in the long run. There are a few people teaching this strategy. They just add something else like a MA to change it or call it something random eg the bullet.
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