Pretty straightforward setup that might come up on X. Reason why I like the trade:
1. The asset has a multi-month market structure of printing higher highs and higher lows.
2. It is obeying retracement levels fairly well
3. EMA 50 is acting as support
4. We have a local, naked point of control for support
5. We have a confluence of retracement levels including a local golden channel as well as some macro retracement levels overlapping.
6. Weekly S2 can act as additional support between stop loss and entry albeit depending on how long the retracement takes this could change.
This trade idea will be null and void if start printing a new higher highs that will throw off the local retracement.
Entry point will be at the confluence of fib retracements with the SL set just below the last higher low.
Take profits is highly subjective but my risk assessment profile has me taking some profits at the local GC retracement level (30.61) and then set the stop loss to the entry price to secure a winning trade. TP2 and beyond is subjective and depends on how long you like being in a trade.
1. The asset has a multi-month market structure of printing higher highs and higher lows.
2. It is obeying retracement levels fairly well
3. EMA 50 is acting as support
4. We have a local, naked point of control for support
5. We have a confluence of retracement levels including a local golden channel as well as some macro retracement levels overlapping.
6. Weekly S2 can act as additional support between stop loss and entry albeit depending on how long the retracement takes this could change.
This trade idea will be null and void if start printing a new higher highs that will throw off the local retracement.
Entry point will be at the confluence of fib retracements with the SL set just below the last higher low.
Take profits is highly subjective but my risk assessment profile has me taking some profits at the local GC retracement level (30.61) and then set the stop loss to the entry price to secure a winning trade. TP2 and beyond is subjective and depends on how long you like being in a trade.