Reasons:
Price experienced a strong support at the junction of different lines, which followed by a big engulfing bullish candle.
1) First scenario is based on the strong support level at the trend line & close to previous major bottom. The entry point is based on 62% retracement of the bounce from the support level.
2) Second scenario will be triggered if price don't experience a retrace. The entry level is based on the bearish trendline break up (upper channel line).
Both scenarios are at play. we use half volume on each.
* This is only how we interpret the market
Price experienced a strong support at the junction of different lines, which followed by a big engulfing bullish candle.
1) First scenario is based on the strong support level at the trend line & close to previous major bottom. The entry point is based on 62% retracement of the bounce from the support level.
2) Second scenario will be triggered if price don't experience a retrace. The entry level is based on the bearish trendline break up (upper channel line).
Both scenarios are at play. we use half volume on each.
* This is only how we interpret the market