BNS (Bank of Nova Scotia) – 30-Min Short Trade Setup!📉 🚀
🔹 Asset: Bank of Nova Scotia (BNS)
🔹 Timeframe: 30-Min Chart
🔹 Setup Type: Bearish Breakdown Trade
📌 Trade Plan (Short Position)
✅ Entry Zone: Below $68.92 (Breakdown Confirmation)
✅ Stop-Loss (SL): Above $70.82 (Invalidation Level)
🎯 Take Profit Targets:
📌 TP1: $66.37 (First Support Level)
📌 TP2: $64.21 (Extended Bearish Move)
📊 Risk-Reward Ratio Calculation
📉 Risk (SL Distance): $70.82 - $68.92 = $1.90 risk per unit
📈 Reward to TP1: $68.92 - $66.37 = $2.55 (1:1.34 R/R)
📈 Reward to TP2: $68.92 - $64.21 = $4.71 (1:2.48 R/R)
💡 Favorable Risk-Reward Ratio – Aiming for a 1:2.48 R/R at TP2.
🔍 Technical Analysis & Strategy
📌 Bearish Descending Triangle Breakdown – Price has been forming lower highs, indicating weakness.
📌 Weak Buying Pressure – The price is failing to break out and is consolidating near the $68.92 support level.
📌 Volume Confirmation Needed – A strong increase in selling volume below $68.92 will confirm bearish momentum.
📌 Momentum Shift Expected – If the price remains below $68.92, further downside toward $66.37, then $64.21 is expected.
📊 Key Resistance & Support Levels
🔴 $70.82 – Stop-Loss / Resistance Level
🟡 $68.92 – Breakdown Level / Short Entry
⚪ $66.37 – First Target / TP1
🟢 $64.21 – Final Target / TP2
📉 Trade Execution & Risk Management
📊 Volume Confirmation – Ensure strong selling pressure below $68.92 before entering.
📉 Trailing Stop Strategy – Move SL to breakeven ($68.92) after hitting TP1 ($66.37).
💰 Partial Profit Booking Strategy:
✔ Take 50% profits at $66.37, let the rest run to $64.21.
✔ Adjust SL to breakeven ($68.92) after TP1 is hit.
⚠️ Fake Breakdown Risk:
❌ If price moves back above $68.92, exit early to limit losses.
❌ Wait for a strong bearish candle close before entering aggressively.
🚀 Final Thoughts
✔ Bearish Setup – Breakdown signals downside potential.
✔ Momentum Shift Possible – Watch for volume confirmation.
✔ Favorable Risk-Reward Ratio – 1:2.48 R/R to TP2.
💡 Stick to the plan, manage risk, and trade smart! 📉🔥
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