RSI BAMM Trade on GBPAUD

Posted On 04 Jul 2015

RSI BAMM Trade on GBPAUD

British Pound/Australian Dollar
FX:GBPAUD

GBP has been on a tear vs the AUD. This is the first RSI BAMM set up we have had on the weekly chart in years. First there is a complex RSI formation back in January 2014, 50 RSI was breached, and now we are back above 70. There is also a beautiful 1.618 butterfly. I drew the D point at the top of the PRZ; That is where RSI became overbought. I always set my stop loss at the 1.27 extension of A and the top of the PRZ. Feel free to enter this anytime price is above 2.051. I expect this trade to make a 38.2% retracement 80% of the time.

Source:: RSI BAMM Trade on GBPAUD

About the Author

TradingView's mission is to give investors an efficient and effective way to find trading ideas from other individual investors. Why is that important? Because combined knowledge of individual investors, like you, is on average better than insight from famous analysts on Wall St. We have seen it again and again when experts talk a lot and have no clear direction. Visit our website HERE