That's an interesting setup! It looks like you're identifying a breakout trade above the consolidation/buy zone, targeting subsequent resistance levels.
Based on the current price action (which is hovering around the $0.0040 to $0.0041 area based on recent data), and your analysis of the $0.0045 wick zone being the primary resistance, here is a slightly modified plan to tighten the entry and adjust the risk/reward ratio, assuming the current price is slightly below your Buy Zone.
š Modified $BANANAS31
S31 Trading Plan (Breakout Focus)
This modification aims to confirm the breakout before entry and provides a clearer risk/reward progression.
* Initial Analysis: Confirmed bounce off $0.0033 support. Strong resistance/liquidity zone at the $0.0045 wick zone.
* Current Price (Approx.): \approx \$0.0040 - \$0.0041 (based on search results)
| Parameter | Original Value | Modified Value | Rationale for Modification |
|---|---|---|---|
| Buy Zone (Entry) | $0.00425 ā $0.00435 | $0.00430 ā $0.00440 | A slight increase to ensure the strength of the move is confirmed before entering the trade, positioning it closer to the first major resistance. |
| Stop Loss (SL) | $0.00405 | $0.00415 | Tightening the SL to the high of the current consolidation/lower wick, significantly improving the risk/reward ratio for the trade. |
| Take Profit 1 (TP1) | $0.00455 | $0.00450 | Primary Resistance Target. Adjusting slightly lower to ensure a more guaranteed take-profit right at the $0.0045 wick zone resistance before a potential reversal or pullback. |
| Take Profit 2 (TP2) | $0.00482 | $0.00475 | Conservative placement beneath the psychological 0.0048 level. |
| Take Profit 3 (TP3) | $0.00510 | $0.00500 | Psychological Target. Adjusting to a round number ($0.0050) which often acts as a major resistance/profit-taking level. |
