[TW] 5-25-2012 GBP/USD Long by Justin Pipper

[Justin Pipper]

Long or Short: Long

Entry Point: Long at 1.5650

Stop loss: 1.5490 (just below 1.5600 major support)

Profit target: 1.5830 (previous resistance)

Risk Percentage: 1.0%

Reward-to-risk Ratio: 3:1

Tools used: 100 SMA (RED), 200 SMA (BLUE), Stochastic

Trade Rationale:

-A bullish divergence on the 4-hour chart, consolidation near the 1.5650 handle
-Profit-taking on the dollar's gains, pound is way oversold.

Trade Adjustment:

-none yet

[FXSniPer1]

I was trying to see if pair could be good enough to make it to 1.5600 or better still 1.5590 on a possible fakey. Still hoping..
Should be a terrific trade in my view. A point to make however is that 1.5490 is NOT JUST below 1.5600 support.
I guess you wanted to write 1.5590...
Good luck