Forex Price Action | 2016-05-12 GBPUSD +8

GBPUSD +8 pips 2016-05-12 | Orange to White and Over Under

In this trade cable has moved sharply higher in a rapid move bursting through “big figure”. You can see that on the 1, 5 and 15min time frames the deeper shades of orange suggest that cable is overbought. Although overbought, shorting in these conditions can be dangerous, catching a falling (rising in this case, knife. However here Cable is shorted at the 1 min level and gives a net +8 pips

More help regarding trading forex price action, with the forex TimeLanes trading software, can be found here

Previous recording Forex Price Action | GBPUSD +9 pips 2016-05-06

Forex Price Action | 2016-05-12 GBPUSD +8 was originally published on 24HR Forex Trade Room

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