Layered Entries on ASK: High R:R Opportunity AheadASK is showing promising signs of continuation after a strong 30% rally in April. The chart appears to be consolidating, potentially setting up for the next leg higher.
Ideal Pullback Scenario
The most favorable setup would involve a pullback to the major 50% retracement level, which aligns with:
- The Equilibrium (EQ) of the Fair Value Gap (FVG)
- A Low Volume Node (LVN) zone
This confluence of technical factors makes it a high-probability area for a bounce, offering strong risk-to-reward potential.
Alternative Support Zone
It’s also important to watch the $1.345 level, which presents another solid support zone:
- Contains a notable LVN
- Coincides with the previous All-Time High (ATH)
Price may wick into this zone without showing acceptance, then rebound sharply, making it a viable entry point for aggressive traders.
Trade Management
Take Profit (TP): Initial target sits around $1.70, offering a solid upside from current levels.
Stop Loss (SL): Trade invalidation occurs on a break and close below the $1.105 swing low.
If a higher low forms during the pullback, the SL can be adjusted accordingly to tighten risk.
