This pair is moving in a really nice sideways channel.
Price looks as though it has topped out at 1.1191 and looks bearish from here. Have taken a short position with a tight 20 pip SL. I expect to take profits at around the Fib 38% retrace level (1.1121).
3m Chart
I watched this trade closely on the 3m chart because I had a good idea that price would turn at the upper tramline and I wanted to watch and see what happened, and also get a good entry. I actually could have got a 50% better entry than I took, but I wanted to make sure that bears were stepping in before taking a position.
Trade closed: stop reached
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I'm so crazy at myself right now. This trade was running beautifully and in 5R profit. But in my haste to go out and meet a friend for the evening, I completely forgot to look at upcoming news events and got completely whipped by the US news, which stopped me out. £400 up to £80 down in a matter of minutes. Easy come, easy go I guess. That''ll teach me to be more vigilante in future.
Taking a positive from this trade though, this trade taught me a lot. It taught me the potential opportunity for great profits by getting in earlier on a trade. It also taught me the value of keeping abreast of upcoming news events.
I did stupidly take a "revenge trade" on this pair too as price began to revert to normal again. This has so far paid of, but is not a practice I intend getting in to on a regular basis.