In the 1-hour timeframe, the price has broken out of the descending trendline, signaling the potential start of a strong bullish move. This breakout has been confirmed by significant trading volume, which adds to the validity of this setup.
Trade Details:
Entry Point: $5.98 (after confirmation of consolidation above the breakout level)
Stop Loss: $5.33 (below a key support level to manage risk)
Target 1: $6.82
Target 2: $7.64
Risk-to-Reward Ratio: Considering the distance between the stop loss and the profit targets, this trade offers a favorable risk-to-reward ratio (approximately 1:3).
Additional Notes:
Exit the trade if the price hits the stop loss to protect your capital.
Upon reaching the first target, consider taking partial profit and trailing the stop loss to secure gains while allowing the rest of the position to ride toward the second target.
Always practice proper risk management and avoid overleveraging your position.
Trade Details:
Entry Point: $5.98 (after confirmation of consolidation above the breakout level)
Stop Loss: $5.33 (below a key support level to manage risk)
Target 1: $6.82
Target 2: $7.64
Risk-to-Reward Ratio: Considering the distance between the stop loss and the profit targets, this trade offers a favorable risk-to-reward ratio (approximately 1:3).
Additional Notes:
Exit the trade if the price hits the stop loss to protect your capital.
Upon reaching the first target, consider taking partial profit and trailing the stop loss to secure gains while allowing the rest of the position to ride toward the second target.
Always practice proper risk management and avoid overleveraging your position.
Trade active
The trade has been activated
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.