Possible Trade Setup:
Entry Type: Market Execution Order
Entry Price: Around the current market level of 2,510.94 (as seen on the 1H chart).
Risk Management:
Stop Loss: Set the stop loss slightly below the recent swing low at 2,500 (strong support level identified on the 1H chart and close to Fibonacci retracement levels).
Target Price:
Consider a target price around the 2,525 level, which is a key resistance level identified on the daily chart.
This target gives a reward-to-risk ratio of around 1.5 or higher depending on your exact entry price.
Trailing Stop Loss:
As the price moves in your favor, trail your stop loss to just below new swing lows formed on the 1H chart, for example, trailing every $5 in profit, set the stop loss $5 below the last high formed on the 1H chart.
Trend Direction:
The trend on the daily timeframe is up, and we want to enter in line with this trend.
Justification:
Fractals: The 1H chart shows higher highs and higher lows, consistent with an uptrend.
Support & Resistance: The entry price is near a support level on the 1H chart, with the target price near a resistance level identified on the daily chart.
Fibonacci Levels: The stop loss is positioned just below key Fibonacci retracement levels, giving additional protection against false breaks.
Note:
Keep monitoring the price action closely and adjust your stop losses as the market moves. If the price fails to break above key resistance at 2,525, consider closing the trade early or tightening your stop loss.
This trade idea is based on current market conditions and technical analysis. Always ensure to reassess the market before placing any trades.
Entry Type: Market Execution Order
Entry Price: Around the current market level of 2,510.94 (as seen on the 1H chart).
Risk Management:
Stop Loss: Set the stop loss slightly below the recent swing low at 2,500 (strong support level identified on the 1H chart and close to Fibonacci retracement levels).
Target Price:
Consider a target price around the 2,525 level, which is a key resistance level identified on the daily chart.
This target gives a reward-to-risk ratio of around 1.5 or higher depending on your exact entry price.
Trailing Stop Loss:
As the price moves in your favor, trail your stop loss to just below new swing lows formed on the 1H chart, for example, trailing every $5 in profit, set the stop loss $5 below the last high formed on the 1H chart.
Trend Direction:
The trend on the daily timeframe is up, and we want to enter in line with this trend.
Justification:
Fractals: The 1H chart shows higher highs and higher lows, consistent with an uptrend.
Support & Resistance: The entry price is near a support level on the 1H chart, with the target price near a resistance level identified on the daily chart.
Fibonacci Levels: The stop loss is positioned just below key Fibonacci retracement levels, giving additional protection against false breaks.
Note:
Keep monitoring the price action closely and adjust your stop losses as the market moves. If the price fails to break above key resistance at 2,525, consider closing the trade early or tightening your stop loss.
This trade idea is based on current market conditions and technical analysis. Always ensure to reassess the market before placing any trades.
Note
Trade closed. Target price of $2525 hit. 
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.