GBPUSD 5 minute chart
Good morning Pipsters,
This mornings long trade was taken on the GBPUSD 5 minute chart. Note the hourly chart and the triangle. Price was at the bottom on the trend line and as we all know price bounced more often than it breaks! With this in mind I drew a trendline under price on the five minute chart and copied the line across to the highs to form a trend channel line. When price breaks a channel for the first time it often returns back into the channel and breaks the channel on the other side. With this in mind I took a long above the first bull bar that closed back in the channel and exited at my 8 point 1% target. Indecently price did break the channel the other side so holding for a larger target would have worked out.