GBPUSD-- A potential 2-way inside bar trade
Updated
GBPUSD got rocked after their economic numbers, and here is a great example for 2-way inside bar trade.
The 30min inside bar comes after the huge movement and it very extended, while it gave the market time to think again"are the numbers really that bad?".
Therefore, whether direction it broke provide potential trading setup.
If it breaks to the downside, the downtrend is probably to continue and the trade is to short the breakdown and give the out to 1 pip above the inside bar high;
If it breaks to the upside, as it's very EXTENDED that the 21EMA is still 40 pips away, so to long the breakout and try to play with the price correction is another idea, and the out will be 1 pip below inside bar low.
Let's see which way it breaks an goes!
The 30min inside bar comes after the huge movement and it very extended, while it gave the market time to think again"are the numbers really that bad?".
Therefore, whether direction it broke provide potential trading setup.
If it breaks to the downside, the downtrend is probably to continue and the trade is to short the breakdown and give the out to 1 pip above the inside bar high;
If it breaks to the upside, as it's very EXTENDED that the 21EMA is still 40 pips away, so to long the breakout and try to play with the price correction is another idea, and the out will be 1 pip below inside bar low.
Let's see which way it breaks an goes!
Note
Broke to the upside!Note
out:1.3017 1st PT 1.3057Note
ha, the trade worked only if I put my out to 1.2999 lol
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