Bearish Trade Setup (Short Position)
1. Entry Point: Near 189.80 - 190.00, if the price fails to break above this resistance (e.g., forming bearish candlestick patterns like a shooting star, bearish engulfing, or pin bar).
2. Stop-Loss: Just above 190.20 - 190.30, to avoid being caught in a breakout.
3. Take-Profit Targets:
First target: 189.30 - 189.50 (short-term support).
Second target: 189.00 (major support level in the chart).
4. Risk-Reward Ratio: At least 1:2 or 1:3, ensuring the potential profit is greater than the risk.
Alternative Bullish Breakout Scenario
If price breaks above 190.30 with strong momentum:
Look for buy opportunities after a retest of 190.00 as support.
Target higher levels, such as 190.50 - 191.00.
1. Entry Point: Near 189.80 - 190.00, if the price fails to break above this resistance (e.g., forming bearish candlestick patterns like a shooting star, bearish engulfing, or pin bar).
2. Stop-Loss: Just above 190.20 - 190.30, to avoid being caught in a breakout.
3. Take-Profit Targets:
First target: 189.30 - 189.50 (short-term support).
Second target: 189.00 (major support level in the chart).
4. Risk-Reward Ratio: At least 1:2 or 1:3, ensuring the potential profit is greater than the risk.
Alternative Bullish Breakout Scenario
If price breaks above 190.30 with strong momentum:
Look for buy opportunities after a retest of 190.00 as support.
Target higher levels, such as 190.50 - 191.00.
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.
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.