Nothing much to say about todays trade. The market had rallied strongly on Friday and then drifted. From the market opening last night and until this morning, the market was consolidating.. not doing too much but you can see that the price was bouncing between a range.. ther resistance at 15850 and support at 15820. The break at resistance was my cue to go long giving me 25 pips as I took profit.
Look at the 4hour chart below of the GBPUSD forex pair (or cable) and you can see the resistance line. The arrows show where the price action had hit this line and bounced off it.. on the third time of this happening, I shorted with a stop just above the break level. As you can see, I lost on this one and took a 20 pip loss. However, I also knew that objectively, that a break of the resistance could have been a great break out trade.. as you can see, it was indeed but being in the trade and
This was something which I saw yesterday but I didn't have the confidence to trade it and didn't. I had emailed this to a few of my trading friends to get their view but they weren't sure either. Anyway, imagine the chart below but without todays up bar. The way I saw it was this, there was an obvious support as draw below at approximately the 15650 level which can be seen very clearly in the daily charts. The market had bounced off this a few times already as you can see. With the latest pri
