Daily Chart – Market has since been trading lower after my previous analysis in Feb while still holding a strong bullish potential. Price action has proved key level ( built late last year) as the market has respected the zone with an engulfing candlestick, erasing 2 days sell-off. Past 3 days has shown sellers losing real steam hence my early entry.
4 Hour Chart – I’ve decided to placed a trade before the market closed on Friday with an RR of 1 : 2.3. It was done immediately after the double confirmation of the bullish hammer candlestick. I’m only slightly above 50% to be in favor with market trading higher after Friday’s close as short-term price action has also broke previous structure low. It is highly advisable for you to be finding a position in the blue box with will provide you a rough 1:7 RR ratio.