nmike

RELIABLE REVERSAL SET-UP

FX:EURUSD   Euro / U.S. Dollar
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A rarely see this set-up fail, in any time frame.Candles outside the BB(50) signifies that volatility is in play. After a DIVERGENCE has formed you look for a long tail HAMMER candle stick.
For more reliability wait for next candle to close above hammer .The stop is placed at HAMMER low.Take profit at over bought STOCH and or falling TRIX . If STOCH stays above 80 keep you position until it falls below 80. More often then not price will snap back to middle of BB(50),( 50ma) or key resistance. Other forms of candle stick reversal patterns will work as well.

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