Based on the chart, price dropped on a major support area and a good rejection completed (We can see a very good bullish engulfing candle on the chart!). The rejection was so strong and it can be a good sign of buyers power at this area. Also we have to consider that we are in a uptrend situation.
So based on these scenarios opened a buy position with a good risk reward which is about 1:3.
Note: As always please take risk management rules into consideration before opening any position on the market.
Good Luck!
So based on these scenarios opened a buy position with a good risk reward which is about 1:3.
Note: As always please take risk management rules into consideration before opening any position on the market.
Good Luck!