Cable has stared this week moving in a very tight consolidation just few pips above the psychological number and big round number 1.5000. At first impression it was behaving has it would hold as support and I got long (see 1st trade Figure 1) but I decided to move my SL closer to the market action as soon as I was in profit and in the end I ended up with around 50 pips in profits. After I got out I saw the down momentum was fading away and I tried one more time to go long but I was lucky enough to realize that the broad based dollar strength across the board eventually will bring cable below the big round number 1.5000.

So not only that I close my longs but immediately I initiated a short position to make sure I'm positioned in the right direction of the market and as well as catching a nice profit as I was guessing that there must be quite a lot of stops below the big round number 1.5000 and once those stops where triggered it will produce a price cascade which in turn will reinforce the down move.
Figure 1. GBP/USD 1h chart.


Best Regards,
Daytrader21
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