#Wif
Looking at the chart, here’s an outline for potential trading ideas:
1. Entry Point: A possible buy entry would be around 2.500, as the price appears to have found support at this level after a recent pullback.
2. Stop Loss (SL): A reasonable stop loss can be set slightly below the last support level at 2.450, to avoid getting stopped out by market noise.
3. Take Profit (TP): For a target, the next significant resistance level appears around 2.600 (which is near the 24-hour high). You can consider this as your TP.
Risk-to-Reward Ratio
Risk: If you enter at 2.500 and set your stop loss at 2.450, the risk is 0.050 (2.500 - 2.450).
Reward: If you target 2.600 with an entry at 2.500, the potential reward is 0.100 (2.600 - 2.500).
Thus, the risk-to-reward ratio for this setup is 1:2, which is a good ratio for trading setups. This means for every unit of risk, you have the potential to gain twice as much.
Make sure to adjust your position size based on your risk tolerance, and always keep an eye on market volatility.
