EGHT/USD – 30-Min Long Trade Setup !📌 🚀
🔹 Asset: EGHT (8x8 Inc.)
🔹 Timeframe: 30-Min Chart
🔹 Setup Type: Bullish Breakout Trade
📌 Trade Plan (Long Position)
✅ Entry Zone: Above $2.70 (Breakout Confirmation)
✅ Stop-Loss (SL): Below $2.52 (Strong Support Level)
🎯 Take Profit Targets
📌 TP1: $2.86 (First Resistance Level)
📌 TP2: $3.07 (Final Target – Extended Bullish Move)
📊 Risk-Reward Ratio Calculation
📈 Risk (SL Distance): $2.70 - $2.52 = $0.18 risk per share
📈 Reward to TP1: $2.86 - $2.70 = $0.16 (1:0.88 R/R)
📈 Reward to TP2: $3.07 - $2.70 = $0.37 (1:2.05 R/R)
🔍 Technical Analysis & Strategy
📌 Descending Triangle Breakout: The price is testing a key resistance level after a downtrend, indicating a potential reversal.
📌 Breakout Confirmation: A strong bullish candle closing above $2.70 with increased volume confirms the move.
📌 Momentum Shift Expected: If the price holds above $2.70, a move toward $2.86 (TP1) and $3.07 (TP2) is likely.
📊 Key Support & Resistance Levels
🔴 $2.52 – Strong Support / Stop-Loss Level
🟡 $2.70 – Entry / Breakout Level
🟢 $2.86 – First Resistance / TP1
🟢 $3.07 – Final Target / TP2
📉 Trade Execution & Risk Management
📊 Volume Confirmation: Ensure strong buying volume above $2.70 before entering.
📈 Trailing Stop Strategy: Move SL to entry ($2.70) after TP1 ($2.86) is hit.
💰 Partial Profit Booking Strategy:
✔ Take 50% profits at $2.86, let the rest run to $3.07.
✔ Adjust Stop-Loss to Break-even ($2.70) after TP1 is reached.
⚠️ Fake Breakout Risk
❌ If price fails to hold above $2.70 and falls back below $2.60, exit early.
❌ Wait for a strong bullish candle close above $2.70 for confirmation before entering aggressively.
🚀 Final Thoughts
✔ Bullish Setup – Breaking above $2.70 could lead to higher targets.
✔ Momentum Shift Possible – Watch for volume confirmation.
✔ Favorable Risk-Reward Ratio – 1:0.88 to TP1, 1:2.05 to TP2.
💡 Stick to the plan, manage risk, and trade smart! 🚀🏆
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