"Pullback After Breakout Entry" from the chart:
- Breakout: The price jumps over a resistance, suggesting a start of an uptrend.
- Pullback: The price then dips slightly, retesting the old resistance, which should now act as new support.
- Entry: This retest is our chance to enter the trade, expecting the price to rise.
- Stop Loss: We place a stop loss just below the new support to minimize losses if the trend reverses.
- Initial Target: Our profit goal is set at a level above our entry, where we might consider taking some profit off the table.
Stick to the plan for disciplined trading!✔️