we will favor the Bullish scenario [Without neglecting the bearish one].
Two Scenarios are forseen Buy :
Wait For Support Areas breakout Fail,
Wait for the rejection candle pattern to form e.g. bullish engulfing , pinbar , Insidebar etc,
Initiate BUY order,
Target Range top area ,
SL Under Range down Area.
Sell :
Wait For Support Areas breakout,
wait for the price to re-test Support Area which become support area,
wait for the rejection candle pattern to form e.g. bullish engulfing , pinbar , Insidebar etc,
Initiate Sell order,
Targets ==> TP1 to TP3,
SL above range top area.
/!\** Disclaimer**/!\ The scenarios described in this analysis are subject to change at any time without prior notification. This analysis is provided as a decision support.
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A bearish engulfing pattern has emerged at the bearish bat pattern potential reversal zone. ***This idea is only for educational purpose. Not a financial advice*** ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~