Trade Idea:
Identification: Currently,
SQR
appears to have completed 5 waves up and is in a stage of retracement. It is also currently overbought on the 8 hour and daily.
Entry Point: Consider entering a long position on the retracement paying attention to the 0.5 to 0.882 Fibonacci retracement levels.
Stop-Loss: Place a stop-loss order just below the start of wave 1 (0.5168)
Take-Profit: Target a price level at the 1 Fibaonacci Level at 0.87312 which is the minimum expectation for the move back up.
Risk Management:
Only risk a small percentage of your trading capital on this trade.
Use proper position sizing to manage risk effectively.
Stay updated with market news and adapt your strategy accordingly.
Identification: Currently,
SQR
appears to have completed 5 waves up and is in a stage of retracement. It is also currently overbought on the 8 hour and daily. Entry Point: Consider entering a long position on the retracement paying attention to the 0.5 to 0.882 Fibonacci retracement levels.
Stop-Loss: Place a stop-loss order just below the start of wave 1 (0.5168)
Take-Profit: Target a price level at the 1 Fibaonacci Level at 0.87312 which is the minimum expectation for the move back up.
Risk Management:
Only risk a small percentage of your trading capital on this trade.
Use proper position sizing to manage risk effectively.
Stay updated with market news and adapt your strategy accordingly.