Berkshire Hathaway - Breaking Trade 12/3/2024
There was a great breakout trade opportunity on Berkshire Hathaway's stock, enhanced by a refined entry strategy. The red zone highlights a key support level where the price struggled to break through. Eventually, a breakout occurred with a strong bearish candlestick, confirming sellers' strength. However, instead of entering immediately at the breakout, the ideal entry point would be on the pullback to the red zone.
After the breakout, the price retraced back to the support zone, which then acted as resistance. Notice how the price tested this zone but failed to close above it, indicating that sellers remained in control. The optimal entry would occur when the price breaks below the low of the retracement candle, confirming the continuation of the bearish move.
This approach allows for a more precise entry, reduces risk by setting a stop-loss above the resistance zone, and offers a better reward-to-risk ratio as the trend resumes downward. It’s a textbook example of a breakout-retest setup with confirmation.
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After the breakout, the price retraced back to the support zone, which then acted as resistance. Notice how the price tested this zone but failed to close above it, indicating that sellers remained in control. The optimal entry would occur when the price breaks below the low of the retracement candle, confirming the continuation of the bearish move.
This approach allows for a more precise entry, reduces risk by setting a stop-loss above the resistance zone, and offers a better reward-to-risk ratio as the trend resumes downward. It’s a textbook example of a breakout-retest setup with confirmation.
Thank you for reading! If you found this content helpful, don’t forget to like, comment, and share the idea. Follow me on TradingView!
トレード終了: 利益確定目標に到達
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