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Longset

Reversal AUDCHF UpdateAnother update on this trade idea. We are following these rules of this strategy: 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 price (low candle) to close after the first one that we already identified. Step Four: Wait for the price to head in the direction of the trade and wait for a candle to close above the first candle that you identified that was previous 50 candle low. Step Five: Place Stop Loss-This strategy follows a 1 risk to 3 reward ratio entry/exit points. Price action continues to the downside so we continue to move our entry order. When it breaks, it may be a strong reversal to the upside at 0.7360. Keep an eye one this pair today.
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by Tradingstrategyguides
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