156.00 Reveral Trade Succesful (50-70 pips)

Posted by Nick 19

I love reversals that form on failed break they almost always work out. This one was no exception, it had a strmong a decisive break of the 156.00 level.

Personally I fell asleep after 24 hours without sleep and I completely missed this trade. The break happened quite some time after I originally planned to trade it.

You will notice that all the candles were telling us the same thing. Despite the lower lows this was a classic reversal set-up. I will try and write an extensive breakdown of this trade later this week.

Who took this reversal? How many pips did you make?

wmhanson

I grabbed 70 pips on this one. Long @ 156.03 & close @ 156.73, great trade. Thanks Nick.
basit22

I agree with you Nick failed break and then reversal works well entry at 155.10, 1st target reached at 156.68 still in moved SL to break even thanks nick
cjgranfl

Nick,

I would have taken this too, and gave it consideration but fell asleep waiting for the close of the reversal candle on my platform and didn’t want to set a pending order without confirming the reversal.

This may be a dumb question, but how did you pick the 156.00 entry? I’m probably overlooking that entry point on my 4 hr chart (I trade with Oanda but chart with a 4hr broker)

Another more general reversal question; do you feel safe taking reversal trades that do not result from a scalp break or bounce, but otherwise match a good reversal LWP or group pattern?

Cody
damien

Good one Nick 62 pips from 156.00 reversal
are you looking at S+R line,again.
thanks
Damien
bbc

Hi Nick
could you explain why you chosed 156.00 as level because it is not so obvious to me.
Thanks
fxStar

Thanks Nick for keeping us up and posted on this one so closely with the analysis.
I was too tired to trade at the time but reviewing your thoughts helps me be better prepared for future playouts like this. Good job, guy.
Alps

Hi Nick,

I grabbed 45 pips. thanks dude.

Alps
Miguel

Hi Nick!

I grabbed 60 pips from this trade.

Thanks a lot man! I really appreciate your analysis.

Keep it up man!

Cheers,
MiG
Tom B

50 while I slept, thanks Nick!
strell

Nick

I don’t currently trade reversals, but I am interested in doing so.

Can you indicate what sort of win/loss ratio you experience with these trades?

Thanks.
Pukey

+50 here, but I set it up before I knew you were trading it and got in a little higher at 156.16. I guess I’m still learning how to figure my buffers.
ChrisE

Cheers Nick,

I got 50 big boys on this.

Thanks for all your work.
Marvin

hey nick this is marvin, i have been away at the hospital for a couple of days and when i came back and tried to log into the chatroom, i was denied entry. is there something wrong ?
http://www.redal.lt Dawidas

Hi Nick,

I’ve managed to grab 180 pips from this reversal – combining your and fetor’s knowledge about S&R lines.

Thank you.
strell

Marvin

Have you noticed that you now need to register for entry to the chatroom? You will then receive a password by email (hence the new password entry section on the chatroom login page).

The registration link is on the chatroom login page.
jbell

Hi Nick,
My first reversal trade! Only took 30 pips _ should have stayed in longer. Still a profit,
Thanks to your blog
Jason

looking forward to the trade break down – those are super informative
teko

hi nick
thanks for everything igrabed 190 pip start from 155.75 and now waiting to 162.00 i hope
Mike

Just take a look at that nice down channel. Shorts advised in my book. Sl above 158.30, Tp arround the bottom of the channel. Any opinions?