1. LONG ENTRY & EXIT POINTS...
Entry: Enter a long position if the price breaks above 0.00000980 with a strong bullish candlestick and volume confirmation. This could indicate a potential reversal or an upward momentum.
Take Profit (TP): Consider setting TP around 0.00001012 (the recent 24h high). This level has previously shown resistance, so it could be a reasonable exit point.
Stop Loss (SL): Place SL at 0.00000927 (24h low) to limit downside risk if the trade goes against the anticipated direction.
2. SHORT ENTRY & EXIT POINTS...
Entry: For a short position, consider entering if the price fails to break above 0.00000980 and shows bearish candlestick patterns (like a shooting star or bearish engulfing) with declining volume.
Take Profit (TP): Set TP around 0.00000927 or just below to capture a profitable exit in case of a downward continuation.
Stop Loss (SL): Place SL above 0.00000980 to protect against upward momentum.
3. CONTINGENCY PLANS ( A, B, C, D)
Plan A: If the price hits your SL, exit the trade to minimize losses. Stick to the pre-defined SL to prevent further losses.
Plan B: If the trade moves sideways, not hitting either TP or SL, consider closing partially at breakeven after some time (e.g., 1-2 hours) to free up capital for other trades.
Plan C: If there’s unexpected news or large volume spikes against your trade, manually exit to minimize losses, even if SL is not triggered. Set alerts to stay updated on volatility.
Plan D: If the price hits TP, re-evaluate the trend for a potential re-entry in the same or opposite direction based on new technical indicators and patterns.
TRADE DURATION...
Given the volatility, a short-term trade duration (e.g., 1-2 hours) might be advisable, with tight monitoring to manage quick changes in momentum.
Make sure to adhere to these points for effective trade management and risk control. Let me know if you'd like additional analysis or indicators on this trade.
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