I have identified a long opportunity for the Dow Jones Industrial Average Index (US30) on the 30-minute chart using Elliott Wave analysis.
The current price level is around 40,372.99 USD, and I am entering the trade at this point. The chart shows the completion of wave (4) and the potential start of wave (5), which typically indicates an upward movement.
My target is set at the 1.618 Fibonacci extension level of wave (3), which is approximately 41,434.05 USD. This target is based on the typical extension seen in the fifth wave of Elliott Wave theory.
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 40,000 USD. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
As the price approaches the target level, I will monitor the trade closely. If the price shows signs of resistance or reversal near the target, I will consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected upward movement in US30 while effectively managing risk with clear entry, target, and stop loss levels.
The current price level is around 40,372.99 USD, and I am entering the trade at this point. The chart shows the completion of wave (4) and the potential start of wave (5), which typically indicates an upward movement.
My target is set at the 1.618 Fibonacci extension level of wave (3), which is approximately 41,434.05 USD. This target is based on the typical extension seen in the fifth wave of Elliott Wave theory.
To manage risk, I will place a stop loss just below the recent low of wave (4) at around 40,000 USD. This stop loss level will help protect against any unexpected downward movements while allowing for typical market fluctuations.
As the price approaches the target level, I will monitor the trade closely. If the price shows signs of resistance or reversal near the target, I will consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected upward movement in US30 while effectively managing risk with clear entry, target, and stop loss levels.
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.