GBPUSD Surprise Box –I’ve been watching this setup for a few days. I tried a probing trade at the STOCH cross that started to creep down and I was hoping to get the entire box and then the breakout. As you can see, we spiked up hard on news and I was stopped out of the original probing trade. This was a stupid mistake on my part as I forgot to check the news calendar as I was feeling a bit tired and lazy. It cost me a few PIPS!
I am now waiting for a breakout of the box. It is Friday as I write this, so I am not expecting to take a position until next week if this trade confirms.
UPDATE Monday 4AUG08: I am a bit bummed over this trade setup because it worked out perfectly! I unfortunately was a victom of sleep deprivation and had to go to bed just after the 12:00 a.m. rollover Sunday night. The breakout occurred just after, and I also missed checking on it Monday morning which would have provided a nice second chance. On the upside, I did not chase the trade after it was well underway. There will be plenty of other breakouts to trade!
Trade setup as of Friday a.m. 1AUG08: Missed Breakout Tuesday 5AUG08: