ETHUSDTOn the 4 your chart for ETH/USDT, as we can see RSI is at 30 and usually this means we gonna have a increase in price but since the price channel is broken we can open a short position when price pullbacks to the channel.
our entry point would be 1560$
TP: 1405$
SL: 1608$
The strategy behind opening any position is to make sure your win/loss ration is 3/1 i.e TP should be 10% and your stop loss 3%
I suggest you do the same, so if you do 10 trades you only need 3 of them to be successful to gain a profit on your whole trades
Note
We have got our pullback, now it seems a good time to open a short position Make sure you use StoplossNote
As we anticipated this pattern worked to perfection and we hit our 10% profit,We call a successful trade
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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.