Current Situation:
Trend: AAVE has broken below the weekly and monthly pivot levels and is nearing the bottom of the monthly resistance level.
Support Zone: The current area is a strong support zone based on historical price action data.
Trade Strategy:
Entry Criteria:
Support Confirmation: Wait for the price to find solid support within the entry zone for extra confirmation.
Weekly Pivot Reclaim: For additional risk management, wait for the price to reclaim the weekly pivot.
Entry Point: Enter a long position between $80.72 and $81.64.
Risk Management:
Stop Loss Adjustment: If the price moves 2-4% away from the entry, move the stop loss to break even to manage risk and avoid potential manipulation.
Take Profit Targets:
Primary Target: $86.16
Secondary Target: $89.48
Stop Loss: Set a stop loss at a candle close under $80.46 to limit potential losses.
Summary:
For AAVE, after breaking below key pivot levels and approaching a strong support zone, wait for the price to confirm support within the entry zone and possibly reclaim the weekly pivot for extra risk management. Enter a long position between $80.72 and $81.64, targeting $86.16 and $89.48 for profits. Set a stop loss at a candle close under $80.46 and move the stop loss to break even if the price moves 2-4% away from the entry to mitigate risk.
Trend: AAVE has broken below the weekly and monthly pivot levels and is nearing the bottom of the monthly resistance level.
Support Zone: The current area is a strong support zone based on historical price action data.
Trade Strategy:
Entry Criteria:
Support Confirmation: Wait for the price to find solid support within the entry zone for extra confirmation.
Weekly Pivot Reclaim: For additional risk management, wait for the price to reclaim the weekly pivot.
Entry Point: Enter a long position between $80.72 and $81.64.
Risk Management:
Stop Loss Adjustment: If the price moves 2-4% away from the entry, move the stop loss to break even to manage risk and avoid potential manipulation.
Take Profit Targets:
Primary Target: $86.16
Secondary Target: $89.48
Stop Loss: Set a stop loss at a candle close under $80.46 to limit potential losses.
Summary:
For AAVE, after breaking below key pivot levels and approaching a strong support zone, wait for the price to confirm support within the entry zone and possibly reclaim the weekly pivot for extra risk management. Enter a long position between $80.72 and $81.64, targeting $86.16 and $89.48 for profits. Set a stop loss at a candle close under $80.46 and move the stop loss to break even if the price moves 2-4% away from the entry to mitigate risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.