2250: LONG AFTER HAMMER CANDLE FORMATION2250: SAUDI INDUSTRIAL INVESTMENT
has historically appreciated, on a weekly timeframe, once a hammer candle had been formed at an 'area of interest' or below it
The 'area of interest' is the price range of 18.10 - 18.30. There are 2 cases of hammer candle formation: 1) at the area of interest 2) below the area of interest. Both cases are marked in the chart.
Case 1: Hammer candle formed at area of interest
Enter a long position with TP: 25% (min) ; SL: below hammer candle's lower wick
Case 2: Hammer candle formed below area of interest
Enter a long position after taking confirmation of RSI (should be 30 or less) with TP 1: upto the area of interest ; TP 2: 70% ; SL: below hammer candle's lower wick
At the time of publishing this idea, case 2 is active and TP 1 has already been achieved. All eyes can be set on TP 2: 70%
Best of luck!!
