Tradeciety

Last week's reversal trades

FX:USDCAD   U.S. Dollar / Canadian Dollar
77 0 4
We caught two trades last week. The first happened on the NZDUSD             – a long trade after a Bollinger Band spike and a momentum divergence. 0.67 was a major supply zone but the first time price went into it, price did not show a strong reaction – there was also no divergence yet. As reversal traders we know that those aren’t high probability setups so we waited for the next trend wave that came and that also lead to a momentum divergence. The follow through wasn’t strong and when price re-tested the level again, we cut our position. Eventually, it sold off but the setup wasn’t textbook.

The second trade happened almost simultaneously on the USDCAD             and it was a much better trade. Price grinded lower along the outer Bollinger Band . The last wave came with a Bollinger Band spike and printed a divergence. A classic reversal pattern with a good follow through. The NFP data helped our trade make it to its take profit.
I am trading Forex for 10 years and 5 years ago I quit my corporate job to travel the world


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