Tsire
Long

Break or Bounce?

FX:GBPUSD   British Pound / U.S. Dollar
194 2 5
This is a basic range set-up with horizontal support and resistance areas. resistance held three times which confirms the horizontal trend line and support held twice which validates the lower trend line and completes the range. when Stochastic reaches overbought territory and prices hold the support line at 1.28660, this signals a bounce and when price convicingly breaks the 1.28660 support line, that could very well signal a breakout. Pivot Points help determine price targets

scenario #1
buy @ 1.29590
s/l @ 1.28300
t/p @ 1.32320 and 1.33631

Scenario #2
sell @ 1.27610
s/l @ 1.28840
t/p @ 1.25234 and 1.22903





Trade closed: target reached: Scenario #2 played out to the letter. well done to go guys who went short for this one
When it opens with gap up?
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Tsire ctzulu
Price gaps are similar to major economic events, they are a catalyst that provides enough momentum for prices to breakout. should there be a large price gap, chances are that the range will break.
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