đŽ GALAUSD (1D) Trading Signal
[Visit my profile and vote đłď¸ to w](https://app.binance.com/uni-qr/cpro/drsyfii?l=en&r=473836227&uc=app_square_share_link&us=copylink)in
Current Setup Overview:
âTrend: Bearish with potential reversal pending confirmation
Trade Setup:
1.Entry Criteria:
- A confirmed long position should be considered only after a daily candle closes above the 1D MA50 (currently around $0.022).
- This confirmation will signal the potential start of a bullish reversal, breaking the recent lower highs trend.
2.Initial Entry Price:
-$0.022 or slightly above, following a daily close above the 1D MA50 and ensuring increased volume to support the breakout.
3.Stop-Loss Placement:
- A stop-loss should be placed just below the recent swing low of $0.015. This will protect against further downside risk if the bearish trend persists.
4.Take Profit Targets:
- Target (T1): $0.034 â This aligns with prior resistance levels and the next significant pivot zone.
- Target (T2): $0.060 â Based on the 0.786 Fibonacci retracement, indicating a strong potential bullish extension upon confirmation.
5.Risk-Reward Ratio:
- A risk-reward ratio of approximately 1:3 is calculated by entering near $0.022, with a stop-loss at $0.015 and an initial target of $0.034.
6.Risk Management:
- Risk no more than 1-2% of total capital per trade.
- Adjust the stop-loss to breakeven after the price clears $0.034, ensuring that profits are locked in while minimizing potential loss.
Technical Analysis Breakdown:
- Fibonacci Levels: The chart shows a clear retracement pattern, with the 0.786 Fibonacci level at $0.060, indicating the potential for a bullish extension if the price successfully holds above the MA50.
Trade Summary:
- Entry: Above $0.022 (upon daily close confirmation)
- Stop-Loss: Below $0.015
- Take Profit: T1: $0.034, T2: $0.060
- Risk-Reward Ratio: 1:3, with dynamic risk management
#MtGoxRepayments #BinanceLaunchpoolDOGS #PowellAtJacksonHole #CryptoMarketMoves #LowestCPI2021