Rules for RSI 80-20 Reversal Strategy on chart
Short Confirmations -
Price stretched away above 50 sma Macd Overbought & crossed below Red line RSI Overbought and falling
Market timing on this pair was wrong - 2 other possible short trades
I had a buy stop and sell stop. Buy hit and take profit was made. Now I am watching for a morning star reversal bearish candle pattern to form and i will make another buy stop above previous take profit level.
Morning star candle pattern formed for sell
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@Docop1, Yes - but I was watching this breakout at my buy stop on a 5m chart. There was a breakout - then a hook pullback - but no go continuation. The go pattern failed and the hook took price back below the breakout level so I closed my trade.