$BMT
Strong bullish momentum after the breakout, but the price is now testing a weak high at 0.1348, which could lead to a pullback or continuation.
Trade Setup: Pullback Entry (Buy Opportunity)
Scenario: After a +45.85% move, the price is likely to pull back to retest key support levels before continuing higher. We’ll look for a pullback to the 0.1000–0.1100 zone (previous resistance turned support) for a high-probability buy setup.
1. Entry Zone:
• Look for a pullback to the 0.1000–0.1100 area. This aligns with the PWH (previous weak high) and the BOS level, making it a strong demand zone.
• Confirm entry with bullish price action: a rejection candlestick (e.g., hammer, engulfing), or a break above a minor lower high on the 4H chart.
2. Stop Loss:
• Place the stop loss below the PWL at 0.0780 (just below the 0.0800 support). This gives the trade enough room to breathe while protecting against a deeper correction.
• Risk: Approximately 0.0220–0.0320 (depending on exact entry).
3. Take Profit Targets:
• Target 1: 0.1348 (current weak high). This is a conservative target where you can take partial profits.
• Target 2: 0.1500 (a psychological level and potential next resistance, based on the momentum of the move).
• Target 3: 0.1700 (if momentum continues, this could be a longer-term target based on Fibonacci extensions or round-number resistance).
• Reward: Approximately 0.0248 (Target 1) to 0.0600 (Target 3), giving a risk-to-reward ratio of 1:1 to 1:2+.
