Monday, 11 July 2016

Forex Scalping Strategies | 2016-06-17 GBPUSD +6

GBPUSD +6 2016-06-14 | Preemptive Reversal

This GBPUSD trade is an example of 1 min preemptive reversal. Here after a sharp move up the 1 min L1 and L2 have crossed over on the 1 min timeframe and the white zone has shrunk. In addition the 5 min boxes are more than 20 pips away meaning there is good scope for a retracement down. The condition of the white zone is important in than if it expands it tends to push price away while when it contracts price is drawn to it.
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