$BNB
When considering a trade with take profit (TP) and stop loss (SL) in a chart like the one you've shared, it's essential to analyze the following factors:
1. Current Price: You noted the price as 65417. Determine if you plan to go long (buy) or short (sell).
2. Support and Resistance Levels: Identify key levels from the chart:
- Support: Areas where the price has historically bounced back.
- Resistance: Areas where the price has struggled to break through.
3. Trade Direction:
- If Going Long: Set your SL just below recent support to limit potential losses. Set your TP at a previous resistance level or use a risk-reward ratio that you are comfortable with (e.g., 1:2 or 1:3).
- If Going Short: Set your SL just above recent resistance. Similarly, set your TP at a previous support level or a favorable risk-reward ratio.
4. Market Conditions: Be aware of market sentiment or upcoming news that might impact price movement.
5. Risk Management: Decide how much of your account you are willing to risk on this trade and adjust your position size accordingly.
If you provide specific trade details regarding whether you prefer to go long or short, I can guide you on setting more precise TP and SL levels based on your strategy and risk tolerance.