Reversal Setup?
Updated
The Rules of this Trading Strategy Are:
Step One: Find the currency pair that is showing a high the last 50 candlesticks . (OR low depending on the trade)
Step Two: When we find 50 candle low, it needs to be coupled with RSI reading around 20 or lower. (If it’s a high it needs to be coupled with the RSI reading 80 or higher.)
Step Three: Wait for a second price (low candle) to close after the first one that we already identified.
Step Four: Wait for the price to head in the direction of the trade and wait for a candle to close above the first candle that you identified that was previous 50 candle low.
Step Five: Place Stop Loss-This strategy follows a 1 risk to 3 reward ratio entry/exit points.
Yesterday we had this idea but it bounced off of the trend line. We modified our entry for another potential sell area.
potential sell @1.88391
TP @ 1.86869
SL @ 1.88876
Step One: Find the currency pair that is showing a high the last 50 candlesticks . (OR low depending on the trade)
Step Two: When we find 50 candle low, it needs to be coupled with RSI reading around 20 or lower. (If it’s a high it needs to be coupled with the RSI reading 80 or higher.)
Step Three: Wait for a second price (low candle) to close after the first one that we already identified.
Step Four: Wait for the price to head in the direction of the trade and wait for a candle to close above the first candle that you identified that was previous 50 candle low.
Step Five: Place Stop Loss-This strategy follows a 1 risk to 3 reward ratio entry/exit points.
Yesterday we had this idea but it bounced off of the trend line. We modified our entry for another potential sell area.
potential sell @1.88391
TP @ 1.86869
SL @ 1.88876
Trade active
Trade is very close to being triggered. Only a few pips away.Trade active
Reversal trade activated and up 92 pips. Moved our stop loss to 1.8796 to lock in profit.Trade closed: target reached
Target reached. 148 pip Reversal Trade.
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