Trade Plan for $WCT (4H Chart)
Entry Point : 0.6712
Stop Loss : 0.6612 (100 pips below entry)
Take Profit 1: 0.6912 (+200 pips)
Take Profit 2: 0.7062 (+150 pips from TP1)
Trade Type: Long (Buy)
Risk-Reward Ratio:
TP1: 2:1
TP2: 3.5:1
Confirmations:
1. Strong Uptrend: The pair is forming higher highs and higher lows on the 4H chart.
2. Bullish Rejection Wicks: Recent candles show long lower wicks near support zones, indicating buyer strength.
3. Volume Spike: Notable increase in volume, suggesting institutional interest.
4. Break of Structure (BoS): Price broke the previous high at 0.6500 and is now retesting.
5. Fibonacci Confluence (Optional Confirmation): Entry zone aligns around the 0.5 or 0.618 retracement of the last upward impulse.
Additional Notes:
Monitor the candle close above 0.6700 for confirmation.
Adjust SL to breakeven after hitting TP1.
Watch for reaction near 0.7000 as it may act as psychological resistance.