MCHP โ 30-Min Long Trade Setup!๐
๐น Ticker: MCHP (NASDAQ)
๐น Timeframe: 30-Min Chart
๐น Setup Type: Falling Trendline Break + Support Reclaim
๐ธ Breakout Price: ~$48.47
๐ Trade Plan (Long Position)
โ
Entry Zone: $48.40โ$48.50 (bullish breakout + yellow resistance zone retest)
โ
Stop Loss (SL): Below $47.62 (white support zone โ structure low)
โ
Take Profit Targets:
๐ TP1: $49.63 (red line โ minor resistance/supply zone)
๐ TP2: $50.81 (green line โ previous high / major resistance)
๐ Risk-Reward Ratio
๐ Risk per Share:
$48.47 - $47.62 = $0.85
๐ Reward to TP1:
$49.63 - $48.47 = $1.16 โ 1.36:1 R/R
๐ Reward to TP2:
$50.81 - $48.47 = $2.34 โ 2.75:1 R/R
๐ Technical Confluence
๐ Falling Trendline (pink): Finally broken with volume picking up
๐ Demand Zone Support: Bounce from ~$47.60, confirming buyers stepped in
๐ Yellow Zone: Acts as breakout retest + confirmation trigger
๐ Volume Observation: Look for volume continuation above yellow zone
โ๏ธ Execution & Risk Management
๐ After TP1 Hit:
โ Move SL to breakeven
โ Book 50% profits
๐ Let the rest ride to TP2
๐ Use a trailing stop method above each support level
โ ๏ธ Invalidation Signals
โ Close below $47.62
โ Breakout without follow-through
โ Sharp rejection from yellow zone = fakeout risk
๐ฆ
Final Thoughts
โ Textbook reversal pattern
โ Strong structure + tight risk = smart setup
โ High potential for upside as market reclaims control