GBPUSD Trade Setup - 19 Jan 2011

I was looking for an entry after price retraced to it previous support level. Finally, a long tail shadow candlestick formed followed by a bullish engulfing candlestick. I decided to place a pending buy order at 1.6010 as i've been observing that it has a strong support level at 1.6000. My trade was triggered at 0403hrs GMT.


EP: 1.6010
SL: 1.5985
TP: 1.6090 (previous high)



Trade update: Stop loss hit -25pips.