Your modified trading setup for $FIRO /USDT is as follows
Trade Direction: Short
Current Price: $2.03
Entry Zone: $2.05 - $2.10
Target 1 (TP1): $1.85
Target 2 (TP2): $1.70
Stop Loss (SL): $2.15
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Trade Plan:
1. Wait for price to retest the $2.05 - $2.10 resistance zone.
2. Enter short positions within this zone with tight risk management.
3. Partial profits: Take some profits at TP1 ($1.85) and extend the trade towards TP2 ($1.70) if momentum remains strong.
4. Stop loss placement: Maintain a strict stop loss at $2.15 to limit potential losses.
5. Breakeven adjustment: Once TP1 ($1.85) is hit, adjust stop loss to breakeven to lock in no-risk trade.
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Analysis:
A bearish rejection at resistance combined with weakening momentum suggests a potential downside continuation. Watch for confirmation signals before entering the short position. The overall market sentiment (BTC-related) may influence price action, so keep an eye on major market movements.
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