The rules to this strategy are posted on the chart.
If you have any questions on this strategy or our other free strategies send me a PM.
I was asked if this strategy would work for a short trade - Yes, just make the rules opposite for a short trade. 1st swing high in 50 bars - look for rsi above 80 - wait for new swing high - on first swing high place a horizontal ray on the low of that candle for short breakout level and sell stop.
@cb247, I personally scan my charts (pairs and time frames) and what I am looking for is a swing low with a previous fractal low just to its left. I don't always look for 50 candles. That way I can scan very quickly and after I find a pair then I look for other confirmation signals for the trade.
@PaulC69, You may be right. But how I use it is as I visually scan my pair on different time frames I am looking for current patterns of a swing low/high with a new swing low/high with a rsi below/above 20/80 levels. I can visually scan for it quickly on my pair and quickly change my time frames. If you trade different markets or pairs it is a quick visual scan search. It is just another arrow in your quiver as you search and analysis the markets.