This strategy takes advantage of economic data releases. You want to identify a chart consolidating where buyers and sellers are debating the price. Today, US CPI numbers came out and the expected outcome of peaking inflation numbers came out to be false. When an unexpected outcome is released, a lot of traders move with the momentum and price really takes off. You want to find these gaps of opportunity when price breaks out of a consolidation pattern. When the volatility picks up and signals a reversal, you will want to close out your trade. I like sniping these opportunities but make sure to flip through the 15M, 5M and 1M chart while doing this. Also, pay attention to round numbers as many traders have orders sitting at these key levels.
Stay humble and never stop learning.
Stay humble and never stop learning.