Using 8x leverage max loss is two percent. Channel resistance and RSI oversold making this a high probability trade. Set the stop loss and sit back. Additional take profits are advised if using greater leverage though not really advisable to open oneself up to more than a 2-2.5% loss per trade. With my strategy of Resistance + RSI oversold using around 4:1 risk reward one only needs to be around 33% of the time and this is high probability$$$$.
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Note
a lower take profit would result in a higher probability for this one. I personally recommend a slightly lower take profit.Note
4:1 take profit is best because of resistance over .89Note
Good thing the entry reversal never happenedNote
This is still potentially a false breakoutNote
Yeah. don't enter trade if it doesn't respect resistance
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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.