This is a long (buy) trade setup based on technical analysis, particularly focusing on bullish divergence and the price holding near a support zone.
Entry Point:
Price: 4.76 USD
Reason for Entry: The trade is being initiated at this price level due to the confluence of a
bullish divergence on the RSI and the price respecting a strong support zone around 4.50 USD.
The divergence suggests that bearish momentum is weakening, increasing the probability of a
bullish reversal.
Stop Loss (Risk Management):
Stop Loss Level: 4.40 USD
Target (Take Profit) Levels:
1. First Target (TP1): 5.20 USD
Reason: This level aligns with an intermediate resistance zone and is a reasonable first target.
2. Second Target (TP2): 6.00 USD
Reason: Psychological level, and it also aligns with a High Volume Price (HVPM) area, which
could act as a significant price level where sellers might come in.
3. Final Target (TP3): 6.50 USD
Reason: This level represents a strong resistance zone from previous price action, marking
the upper limit of the expected upward move. This is the full potential of the trade.
Disclaimer: This is not financial advice. Trading and investing involve significant risk, and it is important to do your own research and consult with a financial advisor before making any trading decisions.
Entry Point:
Price: 4.76 USD
Reason for Entry: The trade is being initiated at this price level due to the confluence of a
bullish divergence on the RSI and the price respecting a strong support zone around 4.50 USD.
The divergence suggests that bearish momentum is weakening, increasing the probability of a
bullish reversal.
Stop Loss (Risk Management):
Stop Loss Level: 4.40 USD
Target (Take Profit) Levels:
1. First Target (TP1): 5.20 USD
Reason: This level aligns with an intermediate resistance zone and is a reasonable first target.
2. Second Target (TP2): 6.00 USD
Reason: Psychological level, and it also aligns with a High Volume Price (HVPM) area, which
could act as a significant price level where sellers might come in.
3. Final Target (TP3): 6.50 USD
Reason: This level represents a strong resistance zone from previous price action, marking
the upper limit of the expected upward move. This is the full potential of the trade.
Disclaimer: This is not financial advice. Trading and investing involve significant risk, and it is important to do your own research and consult with a financial advisor before making any trading decisions.
Trade active
70% of profits taken. Raised stop-loss to $4.90 and added a 1% trailing stop-lossTrade closed: stop reached
Trailing stop triggered.
TTL
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.