GBPUSD Setup - 21 Jul 2011

I am back trading again after MIA for almost a month. Been busy with work as well as taking care of my gal at home as we temporary withdraw her from childcare centre.

Ok back to charting. GU has been moving 500pips range since my last post. Daily chart showing downtrend with support at 1.5770. Currently price is rejecting the top bullish trendline and she might head south again to retrest the previous support in order to break downwards more.

I placed a sell order at 1.6150 after H4 formed a pin bar. SL will be set slightly higher at the top shawdow of the pin bar. The previous support at 1.5770 look a nice TP in future. We'll see how it performs next week.

EP: 1.61500
SL: 1.62100
TP: 1.60000



Trade update: SL hit - 60pips