📈GMX Futures: Potential Long Opportunities🚀🔍In the 4-hour timeframe, GMX exhibits a clear ascending trendline providing consistent support, yet to be breached. It once faked out the trendline, followed by higher lows, demonstrating resilience and breaking the resistance at 59.2 with conviction.
📈Following the break, two significant red candles with substantial volume are observed, serving as potential pullbacks. Should the current candle engulf the previous one, it presents a favorable opportunity to enter a long position in futures. Aim for a risk-to-reward ratio of at least 2, ensuring the use of stop-loss orders to mitigate potential losses.
💎For those waiting on the sidelines, patience until the trigger at 64.35 is advisable before considering entry.
✅The target for long positions, apart from the risk-to-reward ratio of 2, could be set at 71.66, although current price levels may pose a challenge for immediate attainment.
📉In the event of a reversal at 59.2, a more aggressive entry could be considered at 57.52 in lower timeframes. However, exercise caution and promptly secure profits to avoid substantial losses.
🐢For a more conservative approach, waiting for confirmation at 54.01 before considering short positions is prudent.
🧠💼It's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2.
