GBPUSD - 15 minute support bounce *Quick Day Trade*

FX:GBPUSD   British Pound / U.S. Dollar
Potential for GBPUSD to bounce from the support zone at 1.31. Lots of price reactions at this zone and we also have the daily S2 level here.

Targeting the 15min / 1hr bearish trendline which is a simple and nice 2:1 RR
Trade active: Entered long on the 2nd rejection of 1.31
Trade closed: target reached: Almost instantly. Price popped to target of 50pips


The key to quick day trades like this is to be patient when entering and to not be greedy when exiting. A simple 2:1 RR is an excellent return for such a quick trade and therefore you should not get greedy when you see the bullish momentum come in to the market.

The underlying trend is bearish so this is a trade against the trend. The upside potential will always be limited because of this so take your 2% gain and run. As you will see, price then swiftly reversed to the downside and continued on its normal trend.
Wow! This one actually shocked me at how quick that was. Simple and effective support zone bounce.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter