Date: 24/03/2023
Technical Analysis:
The market is in an uptrend in the 4-hour timeframe.
The price is currently trading above the weekly pivot point.
There has been a break of the weekly supply and demand zone, followed by a retest.
The price is currently in a correction and has retraced back to the weekly supply and demand zone, touching the 0.5% Fibonacci retracement level and closing with a clear doji candle.
In the 1-hour timeframe, there is a clear reversal candlestick pattern after the correction.
Trade Plan:
Take Profit Target 1: 1/1 Risk Reward.
Take Profit Target 2: -0.61% Fibonacci retracement level (1.5/1 Risk Reward).
Stop Loss: Placed at the 0.78% Fibonacci retracement level.
Risk per trade: 0.5% of capital due to it being a Friday.
Please note that this is a professional and clear trade plan for informational purposes only. It is important to conduct your own research and analysis before making any trading decisions. Additionally, please always remember to manage your risk carefully and never risk more than you can afford to lose.
Technical Analysis:
The market is in an uptrend in the 4-hour timeframe.
The price is currently trading above the weekly pivot point.
There has been a break of the weekly supply and demand zone, followed by a retest.
The price is currently in a correction and has retraced back to the weekly supply and demand zone, touching the 0.5% Fibonacci retracement level and closing with a clear doji candle.
In the 1-hour timeframe, there is a clear reversal candlestick pattern after the correction.
Trade Plan:
Take Profit Target 1: 1/1 Risk Reward.
Take Profit Target 2: -0.61% Fibonacci retracement level (1.5/1 Risk Reward).
Stop Loss: Placed at the 0.78% Fibonacci retracement level.
Risk per trade: 0.5% of capital due to it being a Friday.
Please note that this is a professional and clear trade plan for informational purposes only. It is important to conduct your own research and analysis before making any trading decisions. Additionally, please always remember to manage your risk carefully and never risk more than you can afford to lose.