Wednesday, 18 May 2016

Forex Price Action |GBPUSD +9 pips 2016-05-05

GBPUSD +9 pips 2016-05-05 | Extended Reversal

This a nice example of an extended reversal on GBPUSD. This set up happens when a pair has been trending in one direction makes a new short term high or low and then retraces. As often happens the market often tries to retest the level. This creates the check mark pattern with the boxes. We look to take the 1 or 5 min level beyond the lowest 5 min box. This trade worked out very well producing a net +10 pips.

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Previous recording Forex Price Action | USDJPY+8 pips 2016-05-04

from 24HR Forex Trade Room