Given the current market conditions as depicted in the 1D and 15-minute charts, here is a potential trading idea:
Major Trend Analysis:
Daily Chart (1D): The price is currently showing a bullish movement, with strong upward momentum indicated by the recent price action.
15-Minute Chart: The 15-minute chart confirms the upward trend with the price breaking through previous resistance levels and forming higher highs and higher lows.
Potential Strategy:
Target Price: $2,460 (higher target considering potential liquidity zones above the current resistance)
Stop Loss: Keep it at $2,425
Entry Price: $2,440
Trailing Stop Adjustment:
As the price moves in your favor, adjust the stop loss to trail profits, additionally, you may wish to add on additional positions at these zones:
If the price reaches $2,448, adjust the stop loss to $2,435.
If the price reaches $2,452, adjust the stop loss to $2,444.
Note
The actual trade entry zone of $2440 might require flexibility depending on market movements, your broker's spread. You may need to adjust the entry level slightly due to these factors.
After trade entry, the goal is to maintain a favorable balance between risk and reward by using a trailing stop adjustment.
Major Trend Analysis:
Daily Chart (1D): The price is currently showing a bullish movement, with strong upward momentum indicated by the recent price action.
15-Minute Chart: The 15-minute chart confirms the upward trend with the price breaking through previous resistance levels and forming higher highs and higher lows.
Potential Strategy:
Target Price: $2,460 (higher target considering potential liquidity zones above the current resistance)
Stop Loss: Keep it at $2,425
Entry Price: $2,440
Trailing Stop Adjustment:
As the price moves in your favor, adjust the stop loss to trail profits, additionally, you may wish to add on additional positions at these zones:
If the price reaches $2,448, adjust the stop loss to $2,435.
If the price reaches $2,452, adjust the stop loss to $2,444.
Note
The actual trade entry zone of $2440 might require flexibility depending on market movements, your broker's spread. You may need to adjust the entry level slightly due to these factors.
After trade entry, the goal is to maintain a favorable balance between risk and reward by using a trailing stop adjustment.
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.