Based on the ALGO/USDT 4-hour chart you provided, here is a suggested trading post with a Take Profit (TP) and Stop Loss (SL), considering the current price is 0.1197 and it is currently sitting near the lower Bollinger Band (DN: 0.1173) on the 4-hour timeframe.
Since the price is trading below the Middle Bollinger Band (MB: 0.1241) and the moving averages (MA), the current trend is bearish, but it's approaching a potential support area near the lower Bollinger Band.
#ALGO ALGO/USDT Trading Plan (4H Chart)
Current Price: $0.1197
Outlook: Bearish/Consolidation. The price is challenging the lower Bollinger Band, which could lead to a bounce or a breakdown.
Option 1: Conservative Trade (Awaiting a Bounce/Pullback)
If you believe the lower Bollinger Band will hold and the price will bounce back up towards the mean:
Entry Price (Buy): Wait for a confirmation candle above $0.1200 or near the lower band at $0.1175.
Take Profit 1 (TP1): $0.1240 (Near Middle Bollinger Band / MB)
Take Profit 2 (TP2): $0.1265 (Previous resistance area)
Stop Loss (SL): $0.1165 (Just below the low of the current swing/lower band)
Option 2: Bearish Trade (Expecting a Breakdown)
If the current price action is weak and you expect the trend to continue downward:
Entry Price (Sell/Short): Entry on a break and close below $0.1170.
Take Profit 1 (TP1): $0.1150 (Psychological support)
Take Profit 2 (TP2): $0.1120 (Next structural support)
Stop Loss (SL): $0.1197 (Just above the current price/key resistance
