This is another rather high risk trade, buying right into a dip.
The potential gains are quite high with little downside. If price breaks lower, it is an instant close. The question is why does it look like price will go higher. First off, we see a major sell off. The overlapping bars are quite big, which shows that for the past hour, sellers are closing out with new sellers and possible existing buyers turning to sell. However, price failed to drive lower and we see two candlestick tails bottoming out. It looks like sellers are getting their orders filled and buy orders are starting to come in. This is another higher risk trade. However, it is worth it. If it fails and break lower, we can close it out very a few pip loss. If it reverses, the gains are much bigger especially as we can expect at least a 40% retracement before potential selling continuation.
