riffster21

GBPUSD - Channel Trade

FX:GBPUSD   Pound British/Dolar U.S
Hi guys, the GBPUSD             has a short term channel. Many traders feel that this last move was a consolidation before the next long term bullish move up. However, almost as many traders feel that this last move is the beginning of a reversal back in the longer term bearish direction.

I will wait for a break out of the channel before trading. I will buy a 'confirmed' break above or sell a confirmed break below. For me 'confirmed' = a new 15 min or larger candle formed and closed above or below the channel.

I'll update this post if I open a position.
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