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The AUDCHF is prime for a reversal. The set-up is ready we just need to see a bullish upward movement here to trigger an entry.
We have a pending order set at 74.100
The R:R is a 1 Risk to 3 Reward.
If this continues downward we will move our pending order. We will keep this trade idea updated.
The Traders Decisions at S & R Areas:
This is a function of how we are wired as humans.
The decisions to buy or to sell are made by analyzing the current price against previous areas which cause an emotional response to traders.
They fear of missing out of on opportunity so they either buy or sell at these areas of support or resistance.
So the support area is...
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.