Monday Morning Successful Trade

1
Jan

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.

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