FMG – ASX. Daily. Potential Bearish Reversal Set Up


  • There is a potential for an M reversal set up in Fortescue Metals
  • I outlined how this strategy works in yesterday’s post on EUR:GBP so I won’t repeat it. If you are interested check yesterday’s post
  • To get a set up today,  today’s candle would need to make a high below yesterday’s high at 6.73 and then close below 6.56 ( the low of yesterday’s candle )
  • If there is no confirmed set up today there is still scope for this chart to make a 2nd peak below the upper Bollinger Band over the next few days
  • If there is a confirmed set up here an initial stop could be placed behind the current peak at 6.81

About Ric Spooner

Over 30 years market experience - professional trader, broker, director
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