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We can find the Target and Stop Loss using the Dow Theory.
For the Long Position:Once it crossed the Top or Higher Top we need to take the long position and Stop loss is Bottom or Higher Bottom.
For the Short Position:Once it crossed the Bottom or Lower Bottom we need to take the Short position and Stop loss is Lower Top.
Stop loss for long position – Previous High bottom.
Stop loss for short position – Previous Low top.
Yes we can.
Stop Loss – For bullish trend high bottom and for bearish trend low bottom are the markers, once the price crosses this mark one should sell/long unwind
Target – usually the risk and target are decided on 1:1 proportion, so the target is decided as the equivalent amount of stop loss margin above the breakout point.
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