I'm targeting a long position for US30 on the 2-hour chart using Elliott Wave analysis.
The current price level is around 39,845.36. I've identified the completion of wave (4) and am anticipating an upward movement into wave (5).
My target level for this upward movement is based on the Fibonacci extension of wave (3). The target level is:
- 1.618 Fibonacci extension level at around 41,661.95
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 39,200. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target level. If the price shows signs of resistance or reversal near the target, I'll consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected upward movement in US30 while effectively managing risk with clear entry, target, and stop loss levels.
The current price level is around 39,845.36. I've identified the completion of wave (4) and am anticipating an upward movement into wave (5).
My target level for this upward movement is based on the Fibonacci extension of wave (3). The target level is:
- 1.618 Fibonacci extension level at around 41,661.95
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 39,200. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target level. If the price shows signs of resistance or reversal near the target, I'll consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected upward movement in US30 while effectively managing risk with clear entry, target, and stop loss levels.
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.