I've identified a long opportunity for US30 on the 15-minute chart using Elliott Wave analysis.
The current price level is around 40,460, and I'm entering the trade at this point. The chart shows the completion of wave (4) and the potential start of an impulsive wave (5), indicating an upward movement.
My target levels are set based on the Fibonacci extensions of wave (3). The first target is at the 1.000 Fibonacci extension level, which is around 40,604.61. The second target is at the 1.618 Fibonacci extension level, around 40,720.79.
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 40,406. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
As the price approaches each target level, I will monitor the trade closely. If the price shows signs of resistance or reversal near the targets, I will 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 40,460, and I'm entering the trade at this point. The chart shows the completion of wave (4) and the potential start of an impulsive wave (5), indicating an upward movement.
My target levels are set based on the Fibonacci extensions of wave (3). The first target is at the 1.000 Fibonacci extension level, which is around 40,604.61. The second target is at the 1.618 Fibonacci extension level, around 40,720.79.
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 40,406. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
As the price approaches each target level, I will monitor the trade closely. If the price shows signs of resistance or reversal near the targets, I will 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.
Trade closed manually
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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.