Last week I posted a Forex eight hour chart trading challenge for you to take part in. As part of the challenge I recommended trading four pairs, EUR/USD, GBP/USD, AUD/USD and EUR/JPY and looking for 1-3 trades per week.
Two days into the challenge and we already have a successful trade. Yesterday we saw a great long reversal setup on the GBP/USD 8 hour chart. The setup evolved into a 55+ pip trade. The horizontal green line shows the approximate entry and the red line the exit.
Tomorrow I will be sharing my support and resistance areas for EUR/USD, GBP/USD, AUD/USD and EUR/JPY. This should help you in spotting reversals like the one above.