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GBPUSD Trade Setup - 05 Jan 2011

Happy New Year to all !!!!!

It's been a wonderful 2010. Let's hope everybody will be doing the same too for the year of 2011.


After resting for almost 2 weeks without looking at FX chart, finally start to launch my chart yesterday. There was some big movement due to some good news on GBP yesterday.

After price failed to break the previous resistance at around 1.5650 on the H3 chart, i wait patiently for a setup to appear. There was a inside bar candlestick formed at 10am GMT thus i placed a pending sell order at 1.5590. The trade got kicked in at 14:55GMT.

EP: 1.5590
SL: 1.5650
TP: 1.5400



p/s: i will only be using Oanda FX chart to post my trade as this is the current platform that i am trading with.

Trade update, 0634hrs GMT: moved SL +30pips, adjust TP to 1.5450
Trade update, 1410hrs GMT: closed 2/3 position and set trailing stop and stop out at 1.55231.
Profit: 50pips.

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