156.00 Reveral Trade Succesful (50-70 pips)

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?

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19 thoughts on “156.00 Reveral Trade Succesful (50-70 pips)
  1. 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

  2. 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

  3. 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.

  4. Hi Nick!

    I grabbed 60 pips from this trade.

    Thanks a lot man! I really appreciate your analysis.

    Keep it up man!

    Cheers,
    MiG

  5. 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.

  6. Hi Nick,

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

    Thank you.

  7. +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.

  8. 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 ?

  9. 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.

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

  11. 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?