Our trade is based on the Smart Money Concept, which is a strategy that seeks to identify and follow the trading activity of large institutional investors, also known as "smart money." To do this, we will be following four key steps to identify trade levels:
Step 1: Structure Identification on hourly time frame- We will be analyzing the hourly chart to identify key levels of support and resistance , which can provide insight into where the price of the asset is likely to move. This will involve identifying trendlines , Fibonacci retracements, or other chart patterns that can give us an idea of the underlying structure of the market.
Step 2: Imbalance move- This step is about identifying the movement of institutional investors, also known as "smart money". By analyzing the buying and selling activity of these large players, we can get an idea of where the market is likely to move in the future.
Step 3: Point of Interest- This step is about identifying specific levels or patterns on the chart that are of particular interest to us, based on the institutional move from step 2. This could include a key level of support or resistance, a pattern that has formed on the chart, or an indicator that is giving a specific signal.
Step 4: Trade Setup- This step is about determining where to enter and exit the trade, based on the information we've gathered from the previous steps. We will be setting our entry and exit levels, as well as our target and stop loss levels.
It's important to keep in mind that trading always carries a risk and it's important to understand the risk management and have a well-defined strategy before making any trade. Additionally, the smart money concept is a strategy that requires a good understanding of market structure and institutional behavior, which can be challenging.
The entry level is 1662, the target is 1703 and the stop loss is 1657