No significant economic news until the US session got underway. The GBP had attempted to move up but had no upside follow through as is evidenced by one wicky candle after another.
After the first round of US economic releases, the GBP fell back below the Asian session highs and gave us an entry short meeting our minimum Reward to Risk ratio of greater than 3:1 to our Target 2. Price continued downward, but closed well above our Target 1 with a very wicky candle. With the second round of US news 30 minutes away and the US stockmarkets opening, having given back a dozen pips already from the low, we close the trade at the opening of the next candle.
It continues to be a very good week.
Good luck with your trading!
Back tomorrow.
Questions Michael@privateforexcoaching.com
