For those who missed the upwards move on GBP/USD during the Asian session, and those who did not. There was an excellent scalp/short term trade setup. Price went straight to the 1.9775 level seen on April 4 and bounced off. Caught it perfectly at 1.9776 for a short down to the support level at 1.9755 where I got in +18 pips within a 1 hour time frame.
How to spot these levels? Go back to your charts and look at your 1 hour history or so and see where the previous support/resistance levels are. Once they hit the major levels, expect a change in direction if even only temporary. This was a retracement move I caught. While it has started to continue down at the time of this writing, the scalp/short term trade showed the price stalling at the 1.9750-5 level and not moving for several minutes which was a good indicator to get the heck out before it possibly headed back north again.
Hope this example helps all...
How to spot these levels? Go back to your charts and look at your 1 hour history or so and see where the previous support/resistance levels are. Once they hit the major levels, expect a change in direction if even only temporary. This was a retracement move I caught. While it has started to continue down at the time of this writing, the scalp/short term trade showed the price stalling at the 1.9750-5 level and not moving for several minutes which was a good indicator to get the heck out before it possibly headed back north again.
Hope this example helps all...