Hey folks. This is an update to a trade setup I posted on 30 Jun 2022. Below is the chart I posted previously, to show how I was thinking about the Trade Setup.
The Chart below in my updated Plan for the Trade. I entered into trade at $19,168, and took 50% of my position in profits at the Trendline (Resistance) at $20,620, giving me a 7% - 8% profit. Currently we are at resistance, but I expect Price Action to break through. My next target to take profits is at the Golden Pocket using the Fib Retracement tool, at a price near $23,045. From there I will evaluate trade and determine what next course of action will be.
Depending on price action I may close entire trade at anytime, or let the rest ride for long as possible, while moving my Stop Loss as Price Action rises, insuring profits. But Markets can change at anytime, and depending on price action, I may revaluate my position. Nothing is set in stone. For no trader can predict the markets. The best that traders can do is to determine the probabilities in which direction it will go.
Note: This trade is a Swing Trade. Anywhere from a couple days to a week or two, possibly more.
It is important to note, the trade may not materialize. Not Financial Advice
Please Take Note: Price Action on 4hr and Day Charts can take some time to play out. Anywhere from a couple days to couple of weeks.
