๐In 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.
๐Following 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.
๐For those waiting on the sidelines, patience until the trigger at 64.35 is advisable before considering entry.
โ 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.
๐In 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.
๐ขFor a more conservative approach, waiting for confirmation at 54.01 before considering short positions is prudent.
๐ง ๐ผIt'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.
๐Following 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.
๐For those waiting on the sidelines, patience until the trigger at 64.35 is advisable before considering entry.
โ 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.
๐In 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.
๐ขFor a more conservative approach, waiting for confirmation at 54.01 before considering short positions is prudent.
๐ง ๐ผIt'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.
