JoeFlahive
Long

GBPUSD Back Test Special

FX:GBPUSD   British Pound/U.S. Dollar
70 0 2
GBPUSD             back testing the breakout. Great long trade in my opinion. Any daily chart close below the August 15th low stop out.
Trade active: I still like this trade. GBP is in an extremely oversold condition on the monthly chart and should start to make its way higher in the short term.
Trade active: We are likely going to test double bottom. I don't expect any further downside from there. I do expect the dollar to strengthen but not to the extent where the lows of GBPUSD will break just yet! Trade remains open.
Trade closed: stop reached: As far as this trade goes it has hit our stop however I believe there is very little downside in the pair. I will be looking for a reentry soon!
Comment: I look back at this trade and I must say it serves as a very humble reminder why you must always abide by your stops! The best insurance policy you'll ever have in this game.
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