There was a very nice 200-Pip opportunity that slipped my grasp on the GBP USD this week. The currency pair had given a Bullish Candle Signal on the Daily Chart as it started its move to the Resistance of the Range that was being formed. I had overlooked this because my attention was focused more on the breakout that would take place after the Range was formed, not realizing that a handsome gain was being offered as well.
DAILY CHART
As the currency started to form the second Support point to complete the range, it provided a Bullish Engulfing Candlestick Formation to start the sharp rally to Resistance. Entry would have been at the close of the Daily Candle, with the Stop being placed at a strong support point on the 4H Chart that led to the signal.
The Entry Price would have been at 1,6403, the Stop Loss at 1,6280 and the Limit at the Resistance of 1,6603. This 200-Pip target would have been hit in a matter of days, and would have been in sync with the market´´s reaction to the latest BOE minutes/interest rate decision.
Lesson from this is that opportunities are always present and one must constantly monitor the market for them with attention to detail.
DAILY CHART
As the currency started to form the second Support point to complete the range, it provided a Bullish Engulfing Candlestick Formation to start the sharp rally to Resistance. Entry would have been at the close of the Daily Candle, with the Stop being placed at a strong support point on the 4H Chart that led to the signal.
The Entry Price would have been at 1,6403, the Stop Loss at 1,6280 and the Limit at the Resistance of 1,6603. This 200-Pip target would have been hit in a matter of days, and would have been in sync with the market´´s reaction to the latest BOE minutes/interest rate decision.
Lesson from this is that opportunities are always present and one must constantly monitor the market for them with attention to detail.
