Based on the 45-minute chart with Elliott Wave analysis for DOTUSD, I have detailed my plan for a long position.
I am entering the trade at the current price level of approximately 6.290 USD. This level is identified after the completion of wave (4) and at the beginning of wave (5).
I have set my initial target at the 0.618 Fibonacci extension level of wave (5), which is around 6.602 USD. This target is calculated based on the typical extension seen in the fifth wave in Elliott Wave theory.
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 6.050 USD. This stop loss level will help protect against any unexpected downward 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 resistance or reversal, I will consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, my goal is to take advantage of the expected upward movement in DOTUSD while effectively managing risk with clear entry, target, and stop loss levels.
I am entering the trade at the current price level of approximately 6.290 USD. This level is identified after the completion of wave (4) and at the beginning of wave (5).
I have set my initial target at the 0.618 Fibonacci extension level of wave (5), which is around 6.602 USD. This target is calculated based on the typical extension seen in the fifth wave in Elliott Wave theory.
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 6.050 USD. This stop loss level will help protect against any unexpected downward 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 resistance or reversal, I will consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, my goal is to take advantage of the expected upward movement in DOTUSD 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.