FOREX Trading Review Video 06 JUL 09 GBP/USD 4H Bearish Belt Holding Engulfing

http://www.fxtrainingzone.com :: GBP/USD short trade based on the 4 hour closing of strong belt holding engulfing candle:

- Very Strong 4H close below previous support at the 1.6220 zone.
- Large bearish engulfing candle which shows strong momtenum to the downside.
- 4H arrgessive close outside of the large box range / consolidation period we have been in for just over a month.
- 1D placed a bearish engulfing pattern off the new highs.
- 1H showing a lower high and lower low, with good angle and seperation of the 8 / 21 EMA's which indicates good momentum & rhythm.

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[sionsmith]

thanks for your comment, I havent yet covered break outs - i do trade them, I usually get in on a retest.

Will see if i can cover this in one of the next lessons :)

Cheeers

[aldia05]

great stuff

[cosminb86]

Thank you!

[fxlan]

Its a quite difficult area to trade cable these last days so a breakeven is ok...i though you will have to close with a loss. But i am glad you didnt. Thank you for showing us the trade. It is really helpful.

Could you maybe tell us your experience with breakouts? Do you trade them, when, how..? (if you did it already and i missed it am sorry)