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There is a strong reversal occuring on the GBPAUD pair.
Follow the simple 5 steps of the strategy. We marked each area of the strategy on the chart as it happened. This strategy is a great way to identify reversal trades on any time frame.
Looks like a great opportunity to short the AUDJPY Pair.
This has followed our strategy rules for a strong reversal thus far.
Here is where we have our SL, TP, and Entry order placed.
With this same setup, on the GBPNZD pair, we nailed 148 pips on a strong reversal trade last week.
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...
We have a sell stop in place here at 1.86824.
All signs are pointing to a reversal if this breaks this trendline and continues to the downside. This may take a few hours to develop to so we will continue to update this idea throughout the day if it triggers.