Based on the chart, price showed a major support area in previous days and this zone rejected the price from getting lower in some days but finally this support area broke at 3rd of June and we can see a perfect rejection of price at 4th of June. So we can easily conclude that a false breakout have happened at this point(Or it shows that the market didn't accept the lower price which can be a good sign of bullish market!).
Therefore based on these scenarios I opened a buy position (as it presented on the chart) with a good amount of 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!
Therefore based on these scenarios I opened a buy position (as it presented on the chart) with a good amount of 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!