156.00 Reversal Long

Hey Guys,

As we see many times a failed break line has given us the opportunity for a new trade. An LWP has formed on the failed break line and I am looking to enter on the break of the high of the LWP which is at 156.00. SO I am jumping in for a long at 156.00 and with London opening in a few horus if this breaks it should amek for a great trade.

Regards, Nick

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6 thoughts on “156.00 Reversal Long
  1. Nick it just broke 154.53, I looking for a reversal as well, but “DANG” it looks like it’s heading futher south.

  2. It was a treacherous line and it taught me a few things about trading a psychological level and that’s been around for weeks and tested a few time. It was only a demo trade but it was quite a lesson.

  3. I placed 2 longs on GBP/JPY around the 155.00, with a stop loss well below the 154.00 support. Currently sitting on 245 points. Anywhere long around the 1.6200 on the GBP/USD would of been a nice trade as well I snagged 180 points off that. But I closed it too early this morning, I could of held on to my GBP/USD much longer. But, I still have GBP/JPY open, looking to close it soon after one more push which we are getting right now.

    Sure I’m using about a 150-200 point stop, with lower lot sizes, but it’s a high probability play, and my stops are way below support which gives the trade a lot of breathing room. And I’m pulling at least 400 points. Right now around 600 for the day, and I’m done trading.

    I don’t believe in waiting for “breaks” and just trading breaks. Why wait for a break to the upside or downside when you can gen in early off the S/R and play towards that break? If it doesn’t break, you close with huge profits on the reversal, and then you do the same trade, the opposite way, placing your stops above the resistance (in this case yearly high) if going short or vice versa.

    It’s a great way to trade S/R. I think this is what Nick is getting at on his Reassessing post.

    And I think you guy’s if you stick with Nick, will be seeing a lot of good setups soon enough.

    I personally place my setups at the beginning of the London Session, all my high probability setups, I place them around S/R, making sure I get my stops in below support or above resistance. Lines that play as both support and resistance are great lines to use to place your stops below also.

    But I place my orders at the beginning of the London Session and then I go to bed (PST).

    Good day to all, hope you pulled some points, if you haven’t, wait until the reversal once the pair meets resistance, and play the reversal making sure your stop is in a safe place.

    Kudos to Nick.