Reasons for the trade:
1. It broke daily Change-of-Character ( it broke the last high indicating signs of reversal)
2. It pulled back to 50% level on fibs ( potential to drop lower before initial move to the upside)
3. It’s at a flip zone ( area in the market that is both support and resistance)
4. Currently at a demand zone on daily ( support zone)
1. It broke daily Change-of-Character ( it broke the last high indicating signs of reversal)
2. It pulled back to 50% level on fibs ( potential to drop lower before initial move to the upside)
3. It’s at a flip zone ( area in the market that is both support and resistance)
4. Currently at a demand zone on daily ( support zone)