Long Trade Plan:
Entry:
Enter a long position near $172, if the price pulls back slightly.
Alternatively, if it breaks the recent high of $179.30 with significant volume, enter around $179.5.
Take Profit (TP):
TP1: $180 - The psychological round number just above the recent high.
TP2: $185 - Another potential resistance area.
Stop Loss (SL):
Place a stop loss at $169 to limit downside risk. This level is just below the recent low of $170.66, giving room for volatility without cutting the trade prematurely.
Plan A:
If the price moves strongly upwards, trail your stop loss to $175 (locking in profit while allowing for potential continuation).
Plan B:
If the price breaks below $169, exit the trade and reassess. It might indicate further downside risk.
Plan C:
If the MACD starts to show bearish divergence or crosses down, consider tightening your SL or exiting early.
Plan D:
If the price drops below the $170 support level and volume increases on the downside, switch to a short bias.
Short Trade Plan:
Entry:
Consider entering a short position if the price fails to break $179.30 and shows a reversal candle pattern.
Alternatively, if the price breaks below $170 with high volume, you can enter at $169.5.
Take Profit (TP):
TP1: $165, which is the next key support level.
TP2: $160 if selling pressure intensifies.
Stop Loss (SL):
Set a stop loss at $175 if you enter short at $170 or lower, and at $180 if you enter near the $179 resistance level.
Plan A:
If the price moves below $169 and continues with high momentum, trail your SL to $172 to lock in profits.
Plan B:
If a reversal signal (such as bullish MACD or strong buying volume) occurs, exit the short trade early.
Plan C:
If the price rebounds above $175 after falling below $170, tighten the SL or consider closing the trade.
Plan D:
If the trend turns back to bullish after a failed short attempt, flip to a long bias above $175.
Trade Duration:
Given the current setup, both the long and short trades can be considered for a short-term to medium-term duration, lasting anywhere from a few hours to a few days, depending on market volatility.
This is a high-volatility setup, so ensure proper risk management by not overleveraging and following the contingency plans based on market reactions.
