Entry
Entry Price: $2,512.50 (near current price, taking advantage of recent support level)
Reasoning: The 1H chart shows a strong fractal support zone around $2,500–$2,510, and the 1D chart confirms this as a level of support as well. This confluence of support levels from both the 1H and 1D timeframes makes this a low-risk entry point, aligning with the major upward trend seen in the higher timeframe.
Stop Loss
Stop Loss: $2,489.00
Reasoning: Placed just below the recent low on the 1H chart and a key Fibonacci retracement level (38.2%). This allows for enough room for market fluctuations while protecting against a major reversal.
Target Price
Target: $2,550.00
Reasoning: These levels are close to the previous resistance levels and Fibonacci extension levels, which are high-liquidity areas where retracement is expected.
Reward-to-Risk Ratio
Target: 1.60 (approx)
Trailing Stop (important)
Adjust Stop Loss to: $2,520.00 after the price reaches $2,530.00
Reasoning: Once the price reaches $2,530.00, you should protect your profits by moving the stop loss to a level above your entry price, ensuring a no-loss trade if the market reverses.
Major Trend Direction
The major trend in the 1D timeframe still appears to be bullish. The breakout above $2,500.00 confirms this trend continuation.
Entry Price: $2,512.50 (near current price, taking advantage of recent support level)
Reasoning: The 1H chart shows a strong fractal support zone around $2,500–$2,510, and the 1D chart confirms this as a level of support as well. This confluence of support levels from both the 1H and 1D timeframes makes this a low-risk entry point, aligning with the major upward trend seen in the higher timeframe.
Stop Loss
Stop Loss: $2,489.00
Reasoning: Placed just below the recent low on the 1H chart and a key Fibonacci retracement level (38.2%). This allows for enough room for market fluctuations while protecting against a major reversal.
Target Price
Target: $2,550.00
Reasoning: These levels are close to the previous resistance levels and Fibonacci extension levels, which are high-liquidity areas where retracement is expected.
Reward-to-Risk Ratio
Target: 1.60 (approx)
Trailing Stop (important)
Adjust Stop Loss to: $2,520.00 after the price reaches $2,530.00
Reasoning: Once the price reaches $2,530.00, you should protect your profits by moving the stop loss to a level above your entry price, ensuring a no-loss trade if the market reverses.
Major Trend Direction
The major trend in the 1D timeframe still appears to be bullish. The breakout above $2,500.00 confirms this trend continuation.
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.