Based on the 30-minute chart with Elliott Wave analysis for BNBUSD, I have detailed my plan for a short position.
I am entering the trade at the current price level of approximately 594.7 USD. This level is identified after the completion of wave (5), indicating a potential reversal.
I have set my initial target at the 0.618 Fibonacci retracement level of wave (a), which is around 572.3 USD. This target is calculated based on the typical retracement seen after the completion of a five-wave impulse in Elliott Wave theory.
To manage risk, I will place a stop loss just above the recent high of wave (5) at around 600 USD. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
I will monitor the trade closely as it progresses towards the target level. If the price approaches the target and shows signs of support or reversal, I will consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, my goal is to take advantage of the expected downward movement in BNBUSD while effectively managing risk with clear entry, target, and stop loss levels.
I am entering the trade at the current price level of approximately 594.7 USD. This level is identified after the completion of wave (5), indicating a potential reversal.
I have set my initial target at the 0.618 Fibonacci retracement level of wave (a), which is around 572.3 USD. This target is calculated based on the typical retracement seen after the completion of a five-wave impulse in Elliott Wave theory.
To manage risk, I will place a stop loss just above the recent high of wave (5) at around 600 USD. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
I will monitor the trade closely as it progresses towards the target level. If the price approaches the target and shows signs of support or reversal, I will consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, my goal is to take advantage of the expected downward movement in BNBUSD while effectively managing risk with clear entry, target, and stop loss levels.
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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.
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.