Sterling made a higher low after BOE Carney’s comments early in the session. With a nice reversal setup and a 17 pip stop loss for a potential 95 pips to our Target 2…we entered long. We anticipate price will retest the Asian session lows, but price moves up and takes out yesterday’s low – where we anticipate it to retest. As price moves higher a long wicky candle appears with sellers entering above the Asian high, As this is a countertrend trade, and price has run almost straight up, we want to lock in profits just below the Asian high… in the event of a full reversal. Price pulled back and closed the trade…then spurted higher without us.
Wednesday is FOMC day and we will stay on the sidelines.
Good luck with your trading!
