Based on the Relative Strength Index (RSI) analysis, the market trend is expected to break out in the bearish direction, and a short trade can be considered. The trade plan proposes a 1:1 risk/reward ratio and includes the following details:
Short trade position
Sell stop order at 0.66518
Stop loss order at 0.67952
Lot size of 0.06
Take profit levels at 0.65088 and 0.6366
Overall, the analysis suggests that the market is likely to experience a downward trend, and the proposed trade plan aims to capitalize on this trend by selling at the current price and setting stop loss and take profit orders accordingly. It is important to carefully monitor the market conditions and adjust the trade plan if necessary to manage potential risks and maximize profits.
Short trade position
Sell stop order at 0.66518
Stop loss order at 0.67952
Lot size of 0.06
Take profit levels at 0.65088 and 0.6366
Overall, the analysis suggests that the market is likely to experience a downward trend, and the proposed trade plan aims to capitalize on this trend by selling at the current price and setting stop loss and take profit orders accordingly. It is important to carefully monitor the market conditions and adjust the trade plan if necessary to manage potential risks and maximize profits.