Here's a simple way to determine Entry, Exit, and Stop Loss for trading:
Entry Point (Buy/Sell):
Buy when the price shows signs of going up, crossing above a support level or a moving average.
Sell when the price is trending down, crossing below a resistance level or a moving
average.
In your chart, a potential entry is when the price starts to rise after a downtrend, for example, around 0.08778.
Stop Loss (Limit Loss):
Place it below the recent low (for buy trades) or above recent high (for sell trades) to limit potential losses.
For your buy entry at 0.08778, a stop loss might be set slightly below the recent support level, say around 0.08425.
Exit Point (Target Profit):
Set a target based on the expected reward, often 2-3 times your risk.
If your stop loss is at 0.08425 and entry at 0.08778, a good target could be around 0.09150 to 0.09200, depending on the chart pattern.
Summary (Example):
Entry: 0.08778 (your current price)
Stop Loss: 0.08425 (below recent support)
Target Exit: 0.09150 (or higher)
Remember, always analyze the trend and use proper risk management!
