Forex Price Action | GBPUSD +10 pips 2016-04-26

GBPUSD +10 pips 2016-04-26 | Orange To White

This is a Orange to White trade on GBPUSD. Here, GBPUSD has moved very sharply to the long side. So fast is the move that the 1min boxes have not even appeared yet. This means price is over 25 pips away from the 1 min boxes. The key to this trade lies though with GBPJPY. For those that understand how the pairs interact GBPJPY is also moving long fast but it has hit a cluster of resistance on the 1 and 15min time frames; note the deep orange shade on the 1 min time frame which signifies it is overbought. We use this as a trigger for going short on GBPUSD which yields +10 pips.

More information on how to use crosses to help determine trade entries can be found here:

Further information about trading forex price action, with the forex TimeLanes trading software, please click here

Previous recording Forex Price Action | GBPJPY +10 pips 2016-04-25

Forex Price Action | GBPUSD +10 pips 2016-04-26 was originally published on 24HR Forex Trade Room

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