**Trend Direction:**
The major trend in the higher timeframe (1D) appears to be bullish, as indicated by the price moving above previous resistance levels and continuing higher. The 1H chart also shows a recent breakout to the upside.
**Entry Price:**
- **Buy Limit Order:** Place a buy limit order around $2,500. This level represents a recent breakout area, and if the price pulls back, this level could act as a strong support, allowing for a low-risk entry.
**Stop Loss:**
- Set your stop loss slightly below the $2,490 level, which is the recent swing low on the 1H chart.
**Take Profit:**
- Target price should be set at the next significant resistance level, which is around $2,530. This level corresponds to an area where liquidity is likely to be high.
**Risk-Reward Ratio:**
- This setup gives you a reward-risk ratio of approximately 2:1.
### Stop Loss Adjustment for Trailing Profits:
- If the price reaches $2,510, you can move your stop loss to breakeven ($2,500).
- As the price continues to rise, consider trailing your stop loss by $5 increments, ensuring you lock in profits while giving the trade room to move.
### Trade Justification:
- **Fractals:** The fractals on both the 1H and 1D charts support the bullish trend, indicating that the price could continue higher after a minor retracement.
- **Confluence:** The $2,500 level is a key area of confluence, acting as both a previous resistance level and a potential support upon a retest.
The major trend in the higher timeframe (1D) appears to be bullish, as indicated by the price moving above previous resistance levels and continuing higher. The 1H chart also shows a recent breakout to the upside.
**Entry Price:**
- **Buy Limit Order:** Place a buy limit order around $2,500. This level represents a recent breakout area, and if the price pulls back, this level could act as a strong support, allowing for a low-risk entry.
**Stop Loss:**
- Set your stop loss slightly below the $2,490 level, which is the recent swing low on the 1H chart.
**Take Profit:**
- Target price should be set at the next significant resistance level, which is around $2,530. This level corresponds to an area where liquidity is likely to be high.
**Risk-Reward Ratio:**
- This setup gives you a reward-risk ratio of approximately 2:1.
### Stop Loss Adjustment for Trailing Profits:
- If the price reaches $2,510, you can move your stop loss to breakeven ($2,500).
- As the price continues to rise, consider trailing your stop loss by $5 increments, ensuring you lock in profits while giving the trade room to move.
### Trade Justification:
- **Fractals:** The fractals on both the 1H and 1D charts support the bullish trend, indicating that the price could continue higher after a minor retracement.
- **Confluence:** The $2,500 level is a key area of confluence, acting as both a previous resistance level and a potential support upon a retest.
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.