Based on my analysis of the Relative Strength Index (RSI) and the formation of a double top, I anticipate a bearish breakout in the trend. Therefore, I am considering taking a short trade with a 1:1 risk/reward ratio.
Here is my proposed trade plan:
Enter a short trade at the sell stop level of 1.07884.
Set a stop loss at 1.09305 to limit potential losses if the market moves against us.
The lot size for this trade will be 0.06.
Take Profit 1 is set at 1.06463, and Take Profit 2 is set at 1.05044 to capture potential profits as the trend continues in the bearish direction.
Please note that trading always involves risk, and it's important to carefully consider your risk tolerance and financial situation before making any trading decisions. It's also a good practice to continuously monitor the market and adjust your trade plan accordingly.
Here is my proposed trade plan:
Enter a short trade at the sell stop level of 1.07884.
Set a stop loss at 1.09305 to limit potential losses if the market moves against us.
The lot size for this trade will be 0.06.
Take Profit 1 is set at 1.06463, and Take Profit 2 is set at 1.05044 to capture potential profits as the trend continues in the bearish direction.
Please note that trading always involves risk, and it's important to carefully consider your risk tolerance and financial situation before making any trading decisions. It's also a good practice to continuously monitor the market and adjust your trade plan accordingly.
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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.