If a liquidity sweep and a bounce occur at 2.56, it's a good area to buy. Set a stop-loss if the price closes below 2.56 on the 15-minute timeframe.
Take-profit levels 1 and 2 have already been reached, with only take-profit level 3 remaining.
It's preferable to buy after a bounce at the liquidity sweep area and close the trade if the price closes below it. Alternatively, you could buy at any price around 2.5968-2.60, take partial profit at 2.65, and then hold up to 2.9, which is the take-profit area for the higher timeframe head and shoulders pattern that activated a week ago.
Take-profit levels 1 and 2 have already been reached, with only take-profit level 3 remaining.
It's preferable to buy after a bounce at the liquidity sweep area and close the trade if the price closes below it. Alternatively, you could buy at any price around 2.5968-2.60, take partial profit at 2.65, and then hold up to 2.9, which is the take-profit area for the higher timeframe head and shoulders pattern that activated a week ago.
Trade active
Here is the higher time frame h&s pattern that activated a week ago.
Note
Consider taking partial profits now if you're aiming for a higher timeframe trend. Alternatively, take full profits if your entry was at a liquidity sweep area. Factor in your Risk-Reward Ratio (RRR) and secure some profit to mitigate potential emotional distress should the trend reverse.Note
I will keep this trade active for traders looking for a higher time frame take-profit area.Note
Aw sorry, 2.5626-2.60 good buy area, which is the right shoulder. Invalidation, a close below the bottom of the shoulder.Trade closed: stop reached
Closed below the bottom of the right shoulder.If you take a partial profit in the 2.65 area, your emotions might not be as positive as taking the whole profit, but you will still lessen your exposure and only realize a partial loss.
Considering your target is the 2.9 area which is great rrr.
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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.