FET Long Spot Trade (Breakout and Retest)Market Context:
FET appears to be forming a bottom on higher time frames, signaling a potential reversal. The $1.75 level is key, and a breakout followed by a retest could offer an ideal entry point.
Trade Details:
Entry Zone:
Around $1.75 (post-breakout and retest).
Take Profit Targets:
Target 1: $1.90
Target 2: $2.30
Stop Loss:
Below $1.64
Rationale:
Bottoming Structure: The higher time frame price action indicates potential accumulation, with $1.75 acting as a pivotal level for a shift in market structure.
Confirmation: Waiting for a breakout and retest ensures that the entry aligns with bullish momentum.
Risk Management: Placing a stop loss below $1.64 minimizes downside risk while allowing the trade room to breathe.
Execution Notes:
Monitor volume on the breakout to confirm conviction.
Adjust take profit levels based on price action and market sentiment.
