MAGMA is battling below its 200โday EMA, with the price sitting near a fresh swing low thatโs been tested twice this week. Momentum is fading as sellers dominate the last 12โhour candles.
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๐ด
$MAGMA SHORT ๐
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๐ Entry Range: $0.222497 โ $0.222943
๐ Stop Loss: $0.229402 (-3.0%)
๐ฏ TP1: $0.219379 (+1.5%)
๐ TP2: $0.211584 (+5.0%)
โก R/R Ratio: 1:1.7
๐ Confidence: 64%
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A change of character broke the bullish swing and the order block from the prior up move lines up with a fairโvalue gap, creating a strong point of interest. CVD shows volume spiking to the downside, confirming the break. The confluence of OB, FVG and the CHoCH gives a clean short entry at the break of structure.
With a 3โฏ% stopโloss just above the recent swing high, the risk is tight, so a max of 3x leverage keeps the trade within a 9โฏ% max drawdown.
Take partial profit around the first target as the price approaches the lower edge of the order block.
As always: manage your risk, this is not financial advice ๐
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