GBPUSD Trade Setup - 02 Mar 2011

After price failed to close below the short term bullish TL which ended with an engulfing candlestick. I placed a buy order at 1.6260. My trade was kicked in at 5.27pm SG time. SL will be placed slightly low of the bullish engulfing candle. I'll monitor closely when price reach 1.6300 as it is a whole number.

EP: 1.6260
SL: 1.6210
TP: 1.6370



Trade update: Trade closed at 1.6310, 50pips profit.