To set up a trade with Take Profit (TP) and Stop Loss (SL) for Ethereum (ETH), you'll need to determine your:
1. *Entry price*: The price at which you buy ETH.
2. *Take Profit (TP) price*: The price at which you want to sell ETH to lock in profits.
3. *Stop Loss (SL) price*: The price at which you want to sell ETH to limit losses if the market moves against you.
Here's a basic example:
- Buy ETH at $3,000 (entry price)
- Set TP at $3,300 (10% above entry price)
- Set SL at $2,700 (10% below entry price)
This way, if ETH reaches $3,300, your TP will be triggered, and you'll sell ETH to lock in profits. If ETH falls to $2,700, your SL will be triggered, and you'll sell ETH to limit losses.
Keep in mind that TP and SL prices should be set based on your risk tolerance, market analysis, and trading strategy.