Key Support Area Analysis: SAND/USD is currently positioned at a critical support level, historically significant as a former resistance zone. This level also coincides with the 4-hour trendline, reinforcing its importance in our analysis.
Bullish Outlook: Considering the convergence of support factors, our analysis suggests a bullish bias for SAND/USD from this juncture.
Trade Recommendations:
Entry Point: We recommend taking entry near 0.59085, aligning with the support zone and anticipating the initiation of a bullish move.
Stop Loss: To mitigate potential downside risk, it is prudent to set a Stop Loss near 0.5350, strategically placed below the support level.
Take Profit Targets: We propose the following Take Profit levels: - TP-1: 0.6487 - TP-2: 0.7038 - TP-3: 0.7600
These targets are derived from technical analysis and represent potential areas of resistance where profit-taking could be considered.
Risk Management: It is essential to adhere to sound risk management principles, including proper position sizing and adherence to the predetermined Stop Loss level.
Conclusion: In conclusion, the technical analysis suggests a favorable risk-reward opportunity for a bullish move in SAND/USD, with clear entry, exit, and risk management parameters outlined. Traders should monitor price action closely and adjust their positions accordingly as the market evolves.
Trade closed: target reached
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TP-1 reached, Hold your trade for TP-2 & TP-3. Use Trailing Stop Loss.