It’s nice to see some positive economic news come out of Britain. Lots of news throughout the session creating some big moves. After the GBP ran up without us being able to find an acceptable entry, we chose to short it when it showed signs of rolling over near our upside targets.
The setup met our Reward to Risk minimum nicely with a 4:1 ratio. In general we don’t like to place stops over 25 pips and this setup fit with a stop (forgot to show it on the chart) at 1.5211 – just above the session high. The GBP moved down and having been up 50 pips at one point, we closed the trade for 40 pips as it began to retrace.
I don’t usually show upside and downside targets, but I did today – so there you have it.
So far the week has been good to us. Let’s hope for a profitable setup tomorrow to end the week.
Good luck with your trades!