Setup: Area of Interest: Green Support Zone Psychological Level: Around 1.09000 Trade Direction: Buy Risk to Reward Ratio: 1:3 Stop Loss: 10 pips Take Profit: 30 pips Analysis:
The current chart shows a potential buying opportunity at the identified support zone, which aligns with the psychological level of 1.09000. This confluence suggests a high probability of price support at this level.
Trade Execution Plan: Entry Point: Enter a buy position when the price reaches the green support zone near the 1.09000 level.
Stop Loss: Place the stop loss 10 pips below the entry point to manage risk. Take Profit: Set the take profit target 30 pips above the entry point, maintaining a risk to reward ratio of 1:3. Rationale: The psychological level of 1.09000 is significant and often acts as a support level.
The green support zone provides an additional confirmation for potential price support. A 1:3 risk to reward ratio ensures that even with a small stop loss, the trade can yield a significant profit if the price reacts as expected.
Monitoring:
Price Action: Observe how the price behaves as it approaches the green support zone. Volume: Increased volume at this level can provide additional confirmation of a potential reversal.
Session Changes: Be aware of the timing of different trading sessions, as liquidity and volatility can change.
This setup offers a balanced approach to risk management and potential reward, making it a viable trade opportunity based on the current market conditions.
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