2023-11-11 18:13:21
Hello Fam
Let's break down the "Pullback After Breakout Entry" from the chart:
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Breakout: The price jumps over a resistance, suggesting a start of an uptrend.
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Pullback: The price then dips slightly, retesting the old resistance, which should now act as new support.
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Entry: This retest is our chance to enter the trade, expecting the price to rise.
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Stop Loss: We place a stop loss just below the new support to minimize losses if the trend reverses.
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Initial Target: Our profit goal is set at a level above our entry, where we might consider taking some profit off the table.
Stick to the plan for disciplined trading!
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