Below, we explain why and how we entered the market. On the 30-minute timeframe, we identified an engulfing candle, marking it as a Point of Interest (POI). With a refined risk of just 1 pip, we patiently awaited price to retrace to this level, anticipating a high probability bounce to the upside..
We observed the price returning to our Point of Interest (POI), meeting perfectly with a 4-hour candle and rebounding as anticipated from the engulfing candle. Our target is now set at the previous high, where we plan to take profit 1. As the trade unfolded, a 4-hour trend emerged and was honored before propelling towards our target and surpassing it. This straightforward technique serves as a method to mitigate risks while aiming for substantial rewards, offering a valuable approach for your trading endeavors.
We observed the price returning to our Point of Interest (POI), meeting perfectly with a 4-hour candle and rebounding as anticipated from the engulfing candle. Our target is now set at the previous high, where we plan to take profit 1. As the trade unfolded, a 4-hour trend emerged and was honored before propelling towards our target and surpassing it. This straightforward technique serves as a method to mitigate risks while aiming for substantial rewards, offering a valuable approach for your trading endeavors.
