SHORT XAGUSD: Re-Enter Based on Larger Timeframe Perspective

It seems that I entered early on XAGUSD, and got stopped out. This time, I zoomed out to the daily chart and found a high volume node on the profile (yellow/blue rectangular channel), which I selected as an entry target. For reference, the bottom of the node is at $3.095.

I'm a bit surprised that price rose up so fast to meet it, but I'm glad I was up late and saw it happen.

This time, the Stop is above the volume node and above the nearest VWAP, which, along with the other line-work, offer more compelling resistance. The value of $31.272 is selected only to even out the R:R ratio.

The profit target is derived by the potential for a harmonic pattern to complete at the 2.227 extension of the ABC legs. Potential partial profit targets are marked along the way, including the 1.618 extension at +/- $30.47.