Monday Morning Successful Trade
Good morning pipsters. This mornings trade was taken on the GBPUSD. Looking at the one hour chart first (top left) we can see that GBP put in a huge bull bar on Friday followed by a trading range and sideways to down move to the moving average. This price action would normally retest the high. With this in mind I was looking for a long on the 5 minute chart. The trading range broke out long and I never take the break out of a trading range so I waited for the retest of the top of the range and then placed a stop entry order above the bear retest bar. My stop order was filled and price went straight to my 8 pip target. 1% netted.