GBPUSD Trade setup - 25 Mar 2011

After watching price failed to break the bearish TL. I placed a pending sell order at the low of ytd after the big bearish engulfing candle formed during london's opening. The trade was triggered at the price of 1.6090. SL will be set at the high of asian time 1.6150. Although i always practice 2:1 RRR but this time round, my TP will be around 1.5990.

EP: 1.6090
SL: 1.6150
TP: 1.5990

Trade update: TP hit 100pips