Currently, I'm maintaining a neutral position on the WLDSUDT currency pair, preferring to wait for a price decline before entering the market. My entry threshold is around 7.20, which corresponds to a significant order block level.
Technical Analysis:
Key Support: 7.20
First Profit Target (TP1): 10.25
Second Profit Target (TP2): 11.77
Trading Strategy:
Entry: I plan to initiate a long position when the price reaches or approaches the 7.20 level. This level represents a potential turning point where an upward reversal could occur.
Stop-loss: I will place my stop-loss below the order block level to limit losses in case of an unexpected market reversal.
Profit Targets: My first profit target (TP1) is set at 10.25, while my second profit target (TP2) is at 11.77. These levels are determined by thorough technical analysis and represent points where I expect the uptrend to intensify.
Conclusion:
In summary, my strategy involves waiting for a price decline to the 7.20 level to initiate a long position on the WLDSUDT currency pair. My profit targets are set at 10.25 and 11.77, with a cautious stop-loss to manage risks. However, it's essential to closely monitor market developments and adjust the strategy based on changes in trend and new information.
Best of luck with your trades!