-Firstly we have broken a strong trend line -We have bounced off 0.5 FIB level numerous times and its held strong -The previous 12 hours (3 candles) have been engulfed by this past candle -This shows us momentum to the upside -We made a new high and i believe we will test that high if not break that high and make a higher high -We are also up trending
On the daily -Yesterdays candle was a bullish engulfing -On the daily the bounce of 0.5 Fib level is more evident -We are very bullish in terms of trend -Yesterday we bounced of a strong trend line a sign of Trend continuation
Weekly -We are clearly Bullish on the daily -Currently breaking weekly trend line
So the reason this setup is risky is simply my entry is abit late would of liked to got in 16 hours ago but never mind Lets see how this one goes we still have a decent entry