Major Movers
GBPUSD 15 Min. Sub Crown
March 3, 2010
Jeff Watkins (Fx-Enzo)
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Chart Analysis
Today's highlighted major mover currency pair is the GBPUSD currency pair focusing on the 60 and 15 minute charts.
Today we had two different trade setups we could have traded depending on the time frame we were watching.
Trading the 60 minute chart today gave us a trend line bounce with a morning star formation. Unfortunately the morning star gave us a risk of about 90+ pips!
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Chart Analysis
Now, had we traded that same trend line bounce from the 15 minute chart we would have noticed the sub crown formation and looked for entry at the right tip.
Taking the entry at the right tip of the Sub-Crown granted not only better equity management but an earlier entry as well.
Trading this specific setup today on the 15 minute time frame ended up giving us a risk of about 45 pips and a potential reward of over 200+ pips!
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Analysis
Trading can sometimes be difficult; especially for a new or beginner trader. Learn to trade with confidence in yourself and in the chart by educating yourself on how the market works.
Our basic education today allowed us to make over 200+ pips simply by reading the chart and trading accordingly.
Although this trade has come and gone, there will be many more to come in the near future.
All of the analysis is done using the MTI 4.0 charting software, practice these, and other great strategies for FREE, by downloading a 14 day trial of MTI 4.0 charting.
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