Here's how you can structure your trade with proper risk management, including setting your Take Profit (TP) and Stop Loss (SL):
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1. Set Take Profit (TP):
Your TP is 2650, which is the price level you anticipate the market to reach based on your technical analysis.
This target could be based on support and resistance levels, Fibonacci retracements, or other price action strategies.
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2. Set Stop Loss (SL):
Your SL is 150 pips away from your entry price. This means if the price moves 150 pips against your position, the trade will automatically close to limit your loss.
The SL ensures you control your risk and avoid significant account drawdowns.
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