Break Retest Pattern | Live Forex Trade | EURGBP | 4 Hour Chart

By | March 12, 2016

See the attached video –  Originally posted in July of 2014. The EURGBP on the 4 hour time-frame breaks through support and makes two bounces before retesting the broken level now acting as a resistance level.  The retest comes in the form of a large bearish engulfing signal that allowed for a pending sell limit order to be entered. The market comes off of this large signal nicely and breaks hard and fast to the downside moving swiftly through our 2x profit target. As the market often does it provided for several opportunities for second chance entries showing why it is never a good idea to chase a trade.

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