I have identified a shorting opportunity for Solana (SOLUSD) on the 15-minute chart using Elliott Wave analysis.
The current price level is around 172.68 USD, and I am entering the trade at this point. The chart shows the completion of a five-wave impulse, which indicates a potential reversal and the start of a corrective phase.
My initial target is set at the 0.618 Fibonacci retracement level of wave (a), which is approximately 168.60 USD. This target is based on the typical retracement seen after the completion of a five-wave impulse in Elliott Wave theory.
To manage risk, I will place a stop loss just above the recent high of wave (5) at around 175 USD. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
As the price approaches the target level, I will monitor the trade closely. If the price shows signs of support or reversal near the target, I will consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, I aim to capitalize on the expected downward movement in SOLUSD while effectively managing risk with clear entry, target, and stop loss levels.
The current price level is around 172.68 USD, and I am entering the trade at this point. The chart shows the completion of a five-wave impulse, which indicates a potential reversal and the start of a corrective phase.
My initial target is set at the 0.618 Fibonacci retracement level of wave (a), which is approximately 168.60 USD. This target is based on the typical retracement seen after the completion of a five-wave impulse in Elliott Wave theory.
To manage risk, I will place a stop loss just above the recent high of wave (5) at around 175 USD. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
As the price approaches the target level, I will monitor the trade closely. If the price shows signs of support or reversal near the target, I will consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, I aim to capitalize on the expected downward movement in SOLUSD while effectively managing risk with clear entry, target, and stop loss levels.
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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.