Thursday, 14 July 2016

Fib Matrix Forex Strategies | 2016-06-28 GBPUSD +10

GBPUSD +10 2016-06-28 | Extended Reversal

This is a classic extended reversal trade, aided by the presence of the 5 min L3. Post Brexit moves have been fast and extended. Here Cable has moved down but has retraced. This can be seen by the formation of the boxes and extended gaps between them. Price has then moved down to test the level beyond the 5 min box which is 5 min L3. On reaching this level it snaps back quickly to give +10 pips.

You can find more details about using forex price action to scalp using the Fib Matrix TimeLanes trading software, here

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from 24HR Forex Trade Room