I mentioned this trade in my Twitter feed last week, but forgot to post here. There are lots of to support a trend reversal here, but this post is for our Currency Barometer users. We can use the Short Term Barometer (use the 8 minute interval) to time an entry for the trade like this. Trend reversals are usually bouncy and give us more than one chance to enter. Today we got a nice impulse to the upside and the Short Term Barometer gave us a clean entry. Remember, similar to an or , the 80 & 20 levels indicate an over-extension.
I usually open a currency (in this example the NZD) and then cycle through the time frames to see where it is bouncing the 'cleanest' off of 80 and 20. Then I make a note for that currency because that interval will hold true for months at a time. Hopefully that makes sense?
I was a little slow posting this, but you see the 80 level reached and rejected on the chart below:
I've been told this type of trading will be covered in detail via the new 4X Global live trading sessions. Stay tuned :D