A few factors meet in confluence to form this trade setup:
1. Resistance broken and tested as support 2. Short term up-trend 3. Pullback to the fibonacci levels 4. Bullish engulfing bar completed
This type of setup entails buying once the high of the engulfing bar is broken with stops a few pips below the engulfing bar and the target at least 2x that of the risk.
Don't invest what you can't afford to lose. This is not investment advice. Subjective view/report of a financial product only.
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