Current Trend Analysis:
The 1D chart shows a consolidation phase within a broader uptrend. The price is fluctuating around a significant support zone at approximately $2,425, which aligns with previous resistance turned support levels.
The 15-minute chart is showing signs of price rejection around $2,429, which might act as a short-term resistance level.
But with the trend on the 1D chart still showing potential for continuation, this trade has a higher chance of success if the support holds.
Entry:
Type of Order: Buy Limit
Entry Price: $2,420
Rationale: This level is a point of confluence with support from previous price action and Fibonacci retracement levels (around the 0.618 level of the recent swing low to swing high). It offers a low-risk entry point where price is likely to reverse and continue the upward trend.
Stop Loss:
Price Level: $2,410
Rationale: Set just below the key support area to minimize risk. This level is below the consolidation range seen on the 1D chart, ensuring the stop loss is placed where a break would indicate a potential trend reversal or further downside risk.
Take Profit:
Price Level: $2,445
Rationale: This target is set near the recent highs and Fibonacci extension levels, where there is likely to be liquidity and potential resistance. The target provides a reward-to-risk ratio of more than 2:1, making it a favorable trade.
Trailing Stop Adjustment:
Initial Adjustment: Once the price moves to $2,430, adjust the stop loss to $2,420 to lock in the entry price.
Further Adjustment: If the price moves to $2,435, trail the stop loss to $2,425 to lock in some profits.
The 1D chart shows a consolidation phase within a broader uptrend. The price is fluctuating around a significant support zone at approximately $2,425, which aligns with previous resistance turned support levels.
The 15-minute chart is showing signs of price rejection around $2,429, which might act as a short-term resistance level.
But with the trend on the 1D chart still showing potential for continuation, this trade has a higher chance of success if the support holds.
Entry:
Type of Order: Buy Limit
Entry Price: $2,420
Rationale: This level is a point of confluence with support from previous price action and Fibonacci retracement levels (around the 0.618 level of the recent swing low to swing high). It offers a low-risk entry point where price is likely to reverse and continue the upward trend.
Stop Loss:
Price Level: $2,410
Rationale: Set just below the key support area to minimize risk. This level is below the consolidation range seen on the 1D chart, ensuring the stop loss is placed where a break would indicate a potential trend reversal or further downside risk.
Take Profit:
Price Level: $2,445
Rationale: This target is set near the recent highs and Fibonacci extension levels, where there is likely to be liquidity and potential resistance. The target provides a reward-to-risk ratio of more than 2:1, making it a favorable trade.
Trailing Stop Adjustment:
Initial Adjustment: Once the price moves to $2,430, adjust the stop loss to $2,420 to lock in the entry price.
Further Adjustment: If the price moves to $2,435, trail the stop loss to $2,425 to lock in some profits.
Note
15M Chart: The price is near a Fibonacci retracement level and has shown a change of character (ChoCH), indicating a potential reversal or continuation of the current upward move. Entry Price:
Consider placing a Buy Limit order at $2,428, which is close to the 50% Fibonacci retracement level observed on the 15M chart. This level aligns with previous minor support and provides a low-risk entry point.
Stop Loss:
Set your stop loss just below the 61.8% Fibonacci retracement level, at $2,425.70. This placement minimizes your risk and gives the trade room to move while protecting your capital.
Take Profit:
Set your target at $2,445, just below the next significant resistance level observed on the 1D chart. This level is close to the 38.2% Fibonacci retracement on the higher timeframe and offers a reward-to-risk ratio greater than 1.5.
Trailing Stop:
As the price moves in your favor, consider trailing your stop loss by adjusting it to just below recent swing lows, such as $2,431.00 once the price reaches $2,435.00.
Note
Trade was activated at $2428 and stop loss moved to $2431 Note
Price is now $2440. Stop loss shifted to $2335. Taken partial profits.
Note
Target Price Hit. Trade Closed!
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.