Namaskar LuckySevenTrader Community:
#SNX/USDT is currently testing the upper boundary of its parallel channel and is at a selling zone on the 4-hour timeframe, with the price hovering around $1.60. This area is crucial as it could present a high-quality shorting opportunity if the price forms a bearish pattern.
Trade Plan:
Entry Point: $1.60 (only after confirming a bearish setup on the 4-hour chart).
Stop Loss: $1.641 (to minimize risk if the setup fails).
Take Profit: $1.294 (targeting the lower end of the channel).
Risk-to-Reward Ratio: 1:7 (an attractive setup with a high potential return).
By waiting for confirmation of a bearish pattern in this zone, this setup aims to capture a significant move while maintaining a disciplined approach to risk management. Always trade with caution and ensure proper confirmation before entering!
