All is explained in the chart, price is currently at a strong support level that has previously been used as strong resistance so this proves this is a very strong key level.
This is as simple setup as you can get with 2 very nice targets that if met will have you counting your money for days ;p
You can also use a tight stoploss on trades like this because if this support is broke then there is a very high chance that bears will take over pushing price lower, there is a chance that price could create a bearish spike around levels this strong to take out any stop losses ion the area before bulls take back over and push price up, if this happens and hits our stop then we will just enter the trade again.
If you need any help trading then just send me a message :)
Lots Of Love Laura x
This is as simple setup as you can get with 2 very nice targets that if met will have you counting your money for days ;p
You can also use a tight stoploss on trades like this because if this support is broke then there is a very high chance that bears will take over pushing price lower, there is a chance that price could create a bearish spike around levels this strong to take out any stop losses ion the area before bulls take back over and push price up, if this happens and hits our stop then we will just enter the trade again.
If you need any help trading then just send me a message :)
Lots Of Love Laura x