Long
tricky but calculated risk
Updated
This setup has been quite the puzzle over the last 24 hours. Despite the bearish signals in the higher timeframes, I have a strong conviction that this is poised for an upward move. The key lies in the retest of the center of the channel, where we should receive confirmation of either a genuine higher timeframe reversal or a powerful bullish candle. Time will be the ultimate judge here. I've initiated a small position within our green box, right at the confluence of the current market structure. Tight stops, will add more to this idea shortly
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Our 1st clue and confirmation 1 min TF
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2nd confirmation 3min TF
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Now, there are two paths to our much-awaited third and final confirmation. A simple click of the 'Like' button, and I'll be delighted to share the intricacies of how this idea unfolds. Remember, we always prioritize having solid confirmations before entering any trade, ensuring the correct risk-to-reward ratio. However, why not aim to stay a few steps ahead and be fashionably early to the party? Join in!Note
now we see if it works out or not
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Building on our previous observations, the next crucial piece of the puzzle is an hourly engulfing candle, accompanied by a surge in both trading volume and momentum. This candle would serve as the ignition switch, propelling our idea into action.
The engulfing candle, when it engulfs the prior candle entirely, often signals a shift in market sentiment. It's a visual representation of how the bulls are ready to take charge, overpowering the previous bearish sentiment.
However, for this to truly ignite the idea, we need not just any engulfing candle, but one that's backed by substantial trading volume and a surge in market momentum. This trio – the engulfing candle, volume surge, and momentum spike – can act as a powerful catalyst, kickstarting the bullish scenario we've been monitoring.
As we await this critical moment, it's essential to stay vigilant and monitor the charts closely. The pieces are aligning, and the potential for a significant market move is in the air. Let's see how this unfolds and position ourselves accordingly.
Trade closed: target reached
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