GBPUSD Trade

Here's my trade for the week, did not get to show you the set up before I make the trade but will do that next time.

Here is the chart, let me walk you through the trade.


After the pair drop and seems to form a support and bounce off that support, I entered after the 5 EMA cross over the 8 SMA, the entry is also confirmed by the buy signal of the stochastic. I added to my position after the buy signal from MACD and place a stop loss right below the identified support.

After the pair move north I change the stop loss to a trailing stop loss (using FXCM trade station) fixed at 10. This trigger the close right after the pair show resistance on previously identified resistance.

The pair continues to move north as of this writing and have broken the resistance. I'm looking to enter long again once the resistance switch role and become support.

A decent 10 pips for this trade!