MAGICUSDT is currently exhibiting a pattern of lower lows and lower highs, indicating a downtrend. However, there is a notable bullish divergence on the 1-hour (1H) time frame, suggesting a potential reversal in the prevailing trend.
Here's a concise technical analysis with a suggested trading strategy:
Entry: Consider initiating a long position by placing a buy-stop order at 1.1150.
Stop Loss (SL): Implement a risk management stop loss at 1.00 to mitigate potential losses.
Take Profit (TP): Set take-profit levels to achieve a 1:1 and 1:2 risk-reward ratio:
TP1 = 1.23
TP2 = 1.3450
This trading strategy aims to capitalize on the anticipated bullish reversal signaled by the observed divergence. As with any trading approach, it's essential to monitor the market closely for changing conditions and adjust the strategy accordingly.
Here's a concise technical analysis with a suggested trading strategy:
Entry: Consider initiating a long position by placing a buy-stop order at 1.1150.
Stop Loss (SL): Implement a risk management stop loss at 1.00 to mitigate potential losses.
Take Profit (TP): Set take-profit levels to achieve a 1:1 and 1:2 risk-reward ratio:
TP1 = 1.23
TP2 = 1.3450
This trading strategy aims to capitalize on the anticipated bullish reversal signaled by the observed divergence. As with any trading approach, it's essential to monitor the market closely for changing conditions and adjust the strategy accordingly.
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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.