in case of breakdown and consolidation above the trend line, we enter the position, Take Profit 1: 0.618 Fibonacci level, about $6.95.
Take Profit 2: 1.0 Fibonacci level, about $7.45.
Stop-Loss: Set below previous lows
Before entering into a trade, wait for the 4-hour candle to close above the trend line. This will reduce the probability of a false breakdown.
partial profit-taking at the Take Profit 1 level and the transfer of the stop loss to breakeven after reaching this level.
Not financial advice, a possible scenario for yourself
Take Profit 2: 1.0 Fibonacci level, about $7.45.
Stop-Loss: Set below previous lows
Before entering into a trade, wait for the 4-hour candle to close above the trend line. This will reduce the probability of a false breakdown.
partial profit-taking at the Take Profit 1 level and the transfer of the stop loss to breakeven after reaching this level.
Not financial advice, a possible scenario for yourself