๐ฏ Take Profit Targets: ๐ TP1: $50.46 (First Support Level) ๐ TP2: $49.10 (Extended Bearish Move)
๐ Risk-Reward Ratio Calculation ๐ Risk (SL Distance): $53.09 - $51.72 = $1.37 risk per unit ๐ Reward to TP1: $51.72 - $50.46 = $1.26 (1:0.92 R/R) ๐ Reward to TP2: $51.72 - $49.10 = $2.62 (1:1.91 R/R)
๐ก Good Risk-Reward Setup โ Aiming for a 1:1.91 R/R at TP2.
๐ Technical Analysis & Strategy ๐ Bearish Descending Trendline Rejection โ Price was rejected at the descending trendline. ๐ Weak Buying Pressure โ Struggling to break out above resistance. ๐ Volume Confirmation Needed โ A strong selling volume below $51.72 will confirm the short setup. ๐ Momentum Shift Expected โ Breakdown below $51.72 can push price to $50.46, then $49.10.
๐ Key Resistance & Support Levels ๐ด $53.09 โ Stop-Loss / Resistance Level ๐ก $51.72 โ Breakdown Level / Short Entry โช $50.46 โ First Target / TP1 ๐ข $49.10 โ Final Target / TP2
๐ Trade Execution & Risk Management ๐ Volume Confirmation โ Ensure strong selling pressure below $51.72 before entering. ๐ Trailing Stop Strategy โ Move SL to breakeven ($51.72) after hitting TP1 ($50.46). ๐ฐ Partial Profit Booking Strategy: โ Take 50% profits at $50.46, let the rest run to $49.10. โ Adjust SL to breakeven ($51.72) after TP1 is hit.
โ ๏ธ Fake Breakdown Risk: โ If price moves back above $51.72, exit early to limit losses. โ Wait for a strong bearish candle close before entering aggressively.
๐ Final Thoughts โ Bearish Setup โ Breakdown signals downside potential. โ Momentum Shift Possible โ Watch for volume confirmation. โ Favorable Risk-Reward Ratio โ 1:1.91 R/R to TP2. ๐ก Stick to the plan, manage risk, and trade smart! ๐๐ฅ
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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.