Yesterday 12 of March 2013 I had a time to draw small chart of GBP/USD on M15. Here it is:
As trading is on M15 my SL and TP will be 25 pips when trading FX pairs. Here is the same chart but 1 day later on 13th of March 2013:
Please look at both images and verify that my LAST horizontal red haven't been reached and no further jumps to bottom seen. But we have instead blue horizontal broken and we get more even then 25 pips out of this trade. In total jump was about 69 pips.
Those red two trend lines are really important as well. For now will say only that I'll avoid trades when we will approach them. Later you might learn how to trade MTF (multi time frame) and have extra benefits out of it.
Now take a look on when I'll look for more trading opportunities. As we haven't broke bottom / support, but instead we have made correction and we've reached our RED TL's (trend lines) I'll withhold with trading SHORT / SELL. For now I can place PO (pending order) on our top blue horizontal line. Taking SHORT at the moment might be to risky for me. Here is a chart:
I love to trade patterns not only BOs, but rules are rules and can't change it as I'm not a gambler but TRADER. Will do next UPDATE when this pair will make more moves.
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