AUDJPY on M30 chart is coming closer to realization of bearish setup. Why? Because it met criteria for Bollinger Bands # 3A strategy. What are the criteria?

  • 5 following candle closed below the lower Bollinger Bands
  • formed a local low (79.12)
  • formed local peak (79.30)

To implement the necessary setup is breaking of the local low, which will take place if the price go down 1-2 pips below the level of 79.12. In such a situation, you can consider purchasing PUT options (on declines). Potential target for this scenario is 200 percent extension of the downward movement, which is at the level of 78.76.


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