It is been observed that the price action breaks out from a downward trending channel on hourly chart, indicating a bullish signal and dominance of buyers on movement of price action. It is also important to notice and acknowledge that the price action forms a V-Shape after a breakout. This V-shape formation also refer to the correction to previous resistance level or channel upper trend line . It provides a confirmation of the breakout (refer to Educational 04 post, link provided below)
Risk Reward: 1:4
Kindly update the Risk Reward to 1:2, Thanks to @Kishore90raj to point it out.
@Kishore90raj, Rightly said, I mentioned it as per the chart, which I believe is wrongly drawn. I call it as Midnight Work effect :)
I shall be updating it. I appreciate your participation and interest. Thanks, Regards.