Here's a breakdown of the buy setup and Take Profit (TP) levels:
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📈 Buy Setup (Bullish Setup)
1. Pattern Identified:
Bullish Wedge pattern detected on the chart.
Support Trendline 1 helped initiate a rebound, followed by a significant drop to a key support area.
2. Price Action Insight:
Price has dropped sharply and appears to be at or near a major support zone.
There's an anticipated bullish reversal after the current consolidation (marked by zigzag lines).
3. Buy Entry Zone:
Entry just above the current support level, around 103,000 – 103,500 USD (marked by red candle low).
Wait for confirmation via bullish engulfing candle or strong bullish rejection wick before entering.
🎯 Take Profit (TP) Levels:
1. TP1: Around 105,474.74 USD
Near minor resistance zone and the beginning of the drop.
2. TP2: Around 106,685.52 USD
Prior structure high before recent drop, psychological resistance level.
3. TP3 (Final Target): Around 109,055.37 USD
Labeled as “Final target about 650 pips” on the chart.
🔐 Stop Loss (SL):
Place SL just below the recent swing low:
Recommended around 100,000 – 100,408 USD support zone.
Make sure risk-to-reward ratio is at least 1:2 or better.
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✅ Summary:
Buy Entry: 103,000 – 103,500 USD (after confirmation).
TP1: 105,474.74 USD
TP2: 106,685.52 USD
TP3: 109,055.37 USD
SL: Below 100,000 USD
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📈 Buy Setup (Bullish Setup)
1. Pattern Identified:
Bullish Wedge pattern detected on the chart.
Support Trendline 1 helped initiate a rebound, followed by a significant drop to a key support area.
2. Price Action Insight:
Price has dropped sharply and appears to be at or near a major support zone.
There's an anticipated bullish reversal after the current consolidation (marked by zigzag lines).
3. Buy Entry Zone:
Entry just above the current support level, around 103,000 – 103,500 USD (marked by red candle low).
Wait for confirmation via bullish engulfing candle or strong bullish rejection wick before entering.
🎯 Take Profit (TP) Levels:
1. TP1: Around 105,474.74 USD
Near minor resistance zone and the beginning of the drop.
2. TP2: Around 106,685.52 USD
Prior structure high before recent drop, psychological resistance level.
3. TP3 (Final Target): Around 109,055.37 USD
Labeled as “Final target about 650 pips” on the chart.
🔐 Stop Loss (SL):
Place SL just below the recent swing low:
Recommended around 100,000 – 100,408 USD support zone.
Make sure risk-to-reward ratio is at least 1:2 or better.
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✅ Summary:
Buy Entry: 103,000 – 103,500 USD (after confirmation).
TP1: 105,474.74 USD
TP2: 106,685.52 USD
TP3: 109,055.37 USD
SL: Below 100,000 USD
Trade active
Tp 1 successful. Around 240+ running
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