Key Projections:
Target 1: 82.83
Primary Short Target & Confirmation for Target 2: 72.10
Break of Structure (BOS) at 68.30
Entry Strategy:
Entry Range: 67–69
Entry within this price range, targeting the first short-term goal of 72. This represents a relatively safe entry point, as it allows for some flexibility based on the fluctuations in price but remains within the expected breakout zone.
Cause and Effect
A gap-up opening at 66.95 as the "cause" for the recent movement toward the target of 72. This is an important observation in the Wyckoff method, as a gap-up often signifies the beginning of a strong move, and the momentum from this gap could drive the price further.
Confirmation for Target 2:
The daily close above 72 will serve as the confirmation for reaching the final target of 82.83. The Wyckoff principle suggests that once a significant level (like 72) is broken and sustained, it indicates a change in the market structure, signaling a move towards the next resistance level, which is 82.83 in your case.
Trade setup is well thought out, following the Wyckoff principles, and focuses on important technical levels such as BOS, LPS, and significant price targets. A close above 72 on a daily chart would likely trigger the next phase of the uptrend towards 82.83, and your stop loss at 62 ensures risk is managed effectively.
Disclaimer: lnkd.in/gJJDnvn2
Target 1: 82.83
- This is the final price target. According to your analysis, once the price clears the 72.10 level with sustained movement, the next major target is 82.83.
Primary Short Target & Confirmation for Target 2: 72.10
- 72.10 is a crucial level. If the price breaks above 72.10 and closes above it on a daily chart, the market is likely to move towards the final target of 82.83. If the price fails to break this level or falls back below it, this could indicate a reversal or a failed breakout, which would affect the trade setup.
Break of Structure (BOS) at 68.30
- A BOS at 68.30 confirms that the market structure is transitioning and gives a strong indication that the upward movement is likely to continue. This was a key point where buying pressure overtook selling pressure, allowing the price to move higher.
- Last Point of Support (LPS) at 64.26 and Stop Loss at 62
- The LPS is located at 64.26, and with a stop loss set at 62, you’re protecting yourself from potential downside risk. If the price falls below this level, it would invalidate the bullish setup, so the stop loss is in place to manage the risk.
Entry Strategy:
Entry Range: 67–69
Entry within this price range, targeting the first short-term goal of 72. This represents a relatively safe entry point, as it allows for some flexibility based on the fluctuations in price but remains within the expected breakout zone.
Cause and Effect
A gap-up opening at 66.95 as the "cause" for the recent movement toward the target of 72. This is an important observation in the Wyckoff method, as a gap-up often signifies the beginning of a strong move, and the momentum from this gap could drive the price further.
Confirmation for Target 2:
The daily close above 72 will serve as the confirmation for reaching the final target of 82.83. The Wyckoff principle suggests that once a significant level (like 72) is broken and sustained, it indicates a change in the market structure, signaling a move towards the next resistance level, which is 82.83 in your case.
Trade setup is well thought out, following the Wyckoff principles, and focuses on important technical levels such as BOS, LPS, and significant price targets. A close above 72 on a daily chart would likely trigger the next phase of the uptrend towards 82.83, and your stop loss at 62 ensures risk is managed effectively.
Disclaimer: lnkd.in/gJJDnvn2
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Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.