Date: 24/03/2023
Technical Analysis:
The price has retraced back to touch the 0.5 and 0.61 Fibonacci retracement levels.
There is a downtrend in the daily timeframe after a correction.
The price has retraced back to test the EMA.
There is a correction occurring in the 4-hour timeframe.
An engulfing pattern has been identified in the 1-hour timeframe.
Trade Plan:
Take Profit Target 1: 1/1 Risk Reward.
Take Profit Target 2: -0.21% Fibonacci retracement level.
Take Profit Target 3: -0.61% Fibonacci retracement level.
Take Profit Target 4: 2/1 Risk Reward.
Stop Loss: Placed at the last high.
Risk per trade: 0.5% of capital due to it being a Friday.
Please note that this is a professional and clear trade plan for informational purposes only. It is important to conduct your own research and analysis before making any trading decisions. Additionally, please always remember to manage your risk carefully and never risk more than you can afford to lose.
Technical Analysis:
The price has retraced back to touch the 0.5 and 0.61 Fibonacci retracement levels.
There is a downtrend in the daily timeframe after a correction.
The price has retraced back to test the EMA.
There is a correction occurring in the 4-hour timeframe.
An engulfing pattern has been identified in the 1-hour timeframe.
Trade Plan:
Take Profit Target 1: 1/1 Risk Reward.
Take Profit Target 2: -0.21% Fibonacci retracement level.
Take Profit Target 3: -0.61% Fibonacci retracement level.
Take Profit Target 4: 2/1 Risk Reward.
Stop Loss: Placed at the last high.
Risk per trade: 0.5% of capital due to it being a Friday.
Please note that this is a professional and clear trade plan for informational purposes only. It is important to conduct your own research and analysis before making any trading decisions. Additionally, please always remember to manage your risk carefully and never risk more than you can afford to lose.