Saturday, 23 April 2016

Forex Price Action | GBPUSD +6 pips 2016-04-12

#GBPUSD +6 pips 2016-04-12| 5 min Trend Trade

GBUSD 5 minute trend trade.Cable has move up and retraced back to the the 5 min box. The boxes for the 1, 5 and 15 min time frames are spread out indicating good momentum to the long side. The one cavet was that the 1 min white zone had shrunk and price in the short term can be pulled toward this. The trade took a while to play out and indeed price did dip down to touch the 1 min white zone. When taking these tend trades you have to make a judgement call with regard to the best place to enter. If we had decided to wait for the 1 min white zone, price may never have got there. We could have looked to scale in our entry (although here the white zone was too close for an add) and infact that is what Kash had intended at the 5 min white zone.Price however, didn’t go more than 4 pips against so we didn’t get the opportunity to add.

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from 24HR Forex Trade Room