#TradingTypes101
To determine the best trade entry, take profit (TP), and stop loss (SL) levels from this chart, consider the following general approach:
1. Entry Point: Look for price action signals such as breakouts or reversals. In this context, you might consider entering near current support around the $2,610 level if there's a bullish signal or rebound.
2. Take Profit (TP): Set TP level above recent resistance. If the price breaks through prior highs, aim for the next resistance level. You might consider setting TP around $2,700, which seems to be a previous resistance level.
3. Stop Loss (SL): Set the SL below key support levels to minimize risk. For this chart, you could set it just below $2,590, which gives you some buffer in case of volatility.
Always ensure you adjust these levels according to your risk tolerance, and ideally combine them with additional technical analysis for confirmation.