Tuesday, May 14, 2013

GBPUSD Channel Break Trade

myfxvoyage.blogspot.com GBPUSD H4
Recently pair has broken long standing channel but is held by a strong support just below the channel.

A break of this support area could mean more losses. 

Plan is to short the pair on any spikes towards the channel's lower trendline which comes a resistance as well. 

Another case might be that price just goes down breaking support. I plan to go short on break and daily close below support level.


UPDATE: Pair went straight down breaking the support. Going short on break of support gave me a 50pips profit trade.

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