Range Break on 'The Cable'

The middle of the month saw the GBP/USD ranging between 5325 and 5490. A close above this range may have triggered an entry. I on the other hand prefer to wait for the break and wait for a retracement to the range wall and pick up a candle pattern entry at a wholesale price.

I conservatively picked up 63 points as the momentum slowed towards the previous high. A more consistent profit target may be at the 161% Fibonacci extension.


I was also going to a show a losing trade that I took the week before - but for the life of me i cannot fathom why i got into the trade and have no notes in my journal - mmmm wonder why it failed?