UPDATE
Well both trades GU and GZ didn't give us much! +4 pips on GBPNZD and - 17 pips on GU
However more then made up with two nice bounces on EURGBP and EURNZD + 45 pips
EDIT
You know this is a GREAT STRATEGY in fact I might even go so far as to say that it's probably the best! But you are going to find that the biggest problem in trading it successfully is going to be YOURSELF - yep, YOU! Why? Well because it's contrarian i.e. we're constantly trading price action that has gone AGAINST the direction we are trading and it's also very difficult to believe that price action is going to CONSTANTLY RETEST a certain area many times!
An example of this is USDCHF (attached) - how many times has it retested the 62 EMA low on the 1 hr chart!! I myself thought it couldn't possibly again so I didn't set up the EA - it would have been so easy!! BUT IT DIDN'T! The lesson? DON'T TRY SECOND GUESSING PRICE ACTION
Well both trades GU and GZ didn't give us much! +4 pips on GBPNZD and - 17 pips on GU
However more then made up with two nice bounces on EURGBP and EURNZD + 45 pips
EDIT
You know this is a GREAT STRATEGY in fact I might even go so far as to say that it's probably the best! But you are going to find that the biggest problem in trading it successfully is going to be YOURSELF - yep, YOU! Why? Well because it's contrarian i.e. we're constantly trading price action that has gone AGAINST the direction we are trading and it's also very difficult to believe that price action is going to CONSTANTLY RETEST a certain area many times!
An example of this is USDCHF (attached) - how many times has it retested the 62 EMA low on the 1 hr chart!! I myself thought it couldn't possibly again so I didn't set up the EA - it would have been so easy!! BUT IT DIDN'T! The lesson? DON'T TRY SECOND GUESSING PRICE ACTION