Based on the 45-minute chart with Elliott Wave analysis for TONUSDT, I have detailed my plan for a short position.
My entry point is the current price level of approximately 7.212 USDT. This level is identified after the completion of wave (b) and at the beginning of wave (c).
I have set my initial target at the 1.000 Fibonacci extension level of wave (c), which is around 6.788 USDT.
To manage risk, I will place a stop loss just above the recent high of wave (b) at around 7.420 USDT. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
I will monitor the trade closely as it progresses towards the target level. If the price approaches the target and shows signs of support or reversal, I will consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, my goal is to take advantage of the expected downward movement in TONUSDT while effectively managing risk with clear entry, target, and stop loss levels.
My entry point is the current price level of approximately 7.212 USDT. This level is identified after the completion of wave (b) and at the beginning of wave (c).
I have set my initial target at the 1.000 Fibonacci extension level of wave (c), which is around 6.788 USDT.
To manage risk, I will place a stop loss just above the recent high of wave (b) at around 7.420 USDT. This stop loss level will help protect against any unexpected upward movements while allowing for typical market fluctuations.
I will monitor the trade closely as it progresses towards the target level. If the price approaches the target and shows signs of support or reversal, I will consider taking profits and adjusting the stop loss to break even or slightly lower.
By following this strategy, my goal is to take advantage of the expected downward movement in TONUSDT while effectively managing risk with clear entry, target, and stop loss levels.
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.