Using a tight stop here with a wide target due to extended nature of this last impulse up and the fact that we're almost perfectly at the 1.618 extension of the last swing high -> swing low.
You can tighten your stop to directly above the highest wick of this impulse as well if you want to increase the Reward:Risk Ratio.
The other thing to watch is the Fibonacci node about 2.5% below this entry (around $215). This area is possible support and could snare price action in this small range for a while. If you're shorting the asset then you're fine but if you're buying puts you may want to cover when/if we reach that area.
This is not financial advice and as always, do your own research.
Happy Trading,
BBT
For $5 a month you can get access to my personal strategy, scanner, and private trade set-ups for traditional markets and crypto. Feel free to DM me for details.
You can tighten your stop to directly above the highest wick of this impulse as well if you want to increase the Reward:Risk Ratio.
The other thing to watch is the Fibonacci node about 2.5% below this entry (around $215). This area is possible support and could snare price action in this small range for a while. If you're shorting the asset then you're fine but if you're buying puts you may want to cover when/if we reach that area.
This is not financial advice and as always, do your own research.
Happy Trading,
BBT
For $5 a month you can get access to my personal strategy, scanner, and private trade set-ups for traditional markets and crypto. Feel free to DM me for details.
Trade active
We're very close to the stop loss here. Holding the position still.
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.