Based on the on the chart, price has broken a major support area and a pullback on this area has completed. Also we can clearly see that the strength of sellers decreased on this support area(which previously act as resistance) while we can see good rejection which can be a proof of buyers power at this zone.
So based on this this scenario and with considering risk reward standards, I opened a buy position with a good risk reward ratio 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 this this scenario and with considering risk reward standards, I opened a buy position with a good risk reward ratio about 1:3.
Note: As always please take risk management rules into consideration before opening any position on the market.
Good Luck!