Bullish then bearish
Market Context
Ascending Channel Breakout: The price has decisively broken out of the existing ascending channel, confirming bullish momentum and strong buying pressure.
Key Resistance at 2655:
The 2655 level is a significant resistance zone, reinforced by the 50% Fibonacci retracement level, suggesting a potential reversal or profit-taking area.
Additional selling zones are identified at 2654.04, 2658, and 2661, where price action may face significant resistance.
Trade Plan
Long Position:
Entry: Enter a long position aiming for the 2655 resistance.
Stop Loss: Place a stop loss 120 pips below the entry to manage risk.
Take-Profit Strategy: Secure partial profits every 100 pips as the price moves upward, allowing the trade to capture the larger move toward the resistance zone.
Short Position (Potential Reversal at Resistance Levels):
Entry: Upon price reaching 2654.04, 2658, or 2661, consider shorting with confirmation of rejection or bearish signals.
Stop Loss: Place the stop loss at 26601 to minimize potential losses.
Target: Aim for a downside target of 2605, aligning with strong support.
Risk Management
Risk only 1–2% of your account balance per trade.
Use appropriate position sizes to align with your risk tolerance and market volatility.
Avoid impulsive trades; follow your plan with discipline and patience.
Key Observations
Bullish Momentum: The breakout indicates strong demand, making a move toward 2655 and higher levels likely.
Resistance Zones (2654.04, 2658, 2661): These zones are critical for observing potential price rejection or trend reversal.
Gradual Profit-Taking: Taking profits every 100 pips minimizes the risk of sudden reversals while maximizing gains.
Final Notes
Be prepared for increased volatility near the resistance zones. Monitor closely for price rejection patterns, such as bearish engulfing candles or divergences, before entering shorts.
Stick to your stop-loss levels and avoid chasing trades. Consistent application of your strategy and strong emotional control are vital to navigating these setups successfully.
Quote:
"In trading, discipline is the bridge between strategy and success. Let the market come to you, and never chase the trade."
Execute your plan confidently and stay sharp for any market developments. 🚀
Ascending Channel Breakout: The price has decisively broken out of the existing ascending channel, confirming bullish momentum and strong buying pressure.
Key Resistance at 2655:
The 2655 level is a significant resistance zone, reinforced by the 50% Fibonacci retracement level, suggesting a potential reversal or profit-taking area.
Additional selling zones are identified at 2654.04, 2658, and 2661, where price action may face significant resistance.
Trade Plan
Long Position:
Entry: Enter a long position aiming for the 2655 resistance.
Stop Loss: Place a stop loss 120 pips below the entry to manage risk.
Take-Profit Strategy: Secure partial profits every 100 pips as the price moves upward, allowing the trade to capture the larger move toward the resistance zone.
Short Position (Potential Reversal at Resistance Levels):
Entry: Upon price reaching 2654.04, 2658, or 2661, consider shorting with confirmation of rejection or bearish signals.
Stop Loss: Place the stop loss at 26601 to minimize potential losses.
Target: Aim for a downside target of 2605, aligning with strong support.
Risk Management
Risk only 1–2% of your account balance per trade.
Use appropriate position sizes to align with your risk tolerance and market volatility.
Avoid impulsive trades; follow your plan with discipline and patience.
Key Observations
Bullish Momentum: The breakout indicates strong demand, making a move toward 2655 and higher levels likely.
Resistance Zones (2654.04, 2658, 2661): These zones are critical for observing potential price rejection or trend reversal.
Gradual Profit-Taking: Taking profits every 100 pips minimizes the risk of sudden reversals while maximizing gains.
Final Notes
Be prepared for increased volatility near the resistance zones. Monitor closely for price rejection patterns, such as bearish engulfing candles or divergences, before entering shorts.
Stick to your stop-loss levels and avoid chasing trades. Consistent application of your strategy and strong emotional control are vital to navigating these setups successfully.
Quote:
"In trading, discipline is the bridge between strategy and success. Let the market come to you, and never chase the trade."
Execute your plan confidently and stay sharp for any market developments. 🚀
כתב ויתור
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