GBPUSD +10 2016-05-27 | 60 min Bounce Trade
The current market volatility around Brexit has seen the prevalence of trading set ups not often seen in recent years. One is the 60 min Bounce Trade which this is a textbook example. The 60 min Bounce trade usually occurs when an extended move has taken place followed by a rapid and large retracement. Here you will see the trade is taken when price reaches the R2 60 min box. In addition there are further resistance levels on both the 5 and 15 min timeframes. As you will also note the 1 minute boxes have yet to appear (more than 30 pips away) indicating the speed and extent of the retracement. This is an ideal setup as the S1 box is leading the R1 box on the 60 min timeframe meaning that the trend is still down on this timeframe.
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Previous recording Forex Price Action | 2016-05-26 GBPUSD +8
from 24HR Forex Trade Room http://24hrforextraderoom.com/forex-scalping-strategies-2016-05-27-gbpusd-10/