S&P/TSX ‘Buy’ At 24,156.86 Support
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Here’s an S&P/TSX trade setup to demonstrate using one of my favourite technical analysis tools, support & resistance.
Trade Setup
- 1-day timeframe for a swing trade
- Price hit the 24,156.86 support level
- Enter long (buy) position
- Take profit set at the 25,119.71 resistance level
- Set a stop loss for an equal 1:1 risk-to-reward
- The trade took 5 days to hit the target price 🎯
Advanced Risk Management
- Stop-loss could be adjusted as the trade moved into profit
Disclaimer: This example is for informational and educational purposes only and should not be considered financial advice or a recommendation to buy or sell any security. Trading involves significant risk, and past performance does not guarantee future results. Conduct your own research and consult with a financial professional. The information discussed here is personal to the author and may not be suitable for all traders.
