GBPUSD – Short off Pivot and 62 on 1HR

GBPUSD 1HR 21JAN09  short off a close bounce off the 62 and hitting the daily pivot on the 1 hr.  I like this type of trade, although with higher volatility lately they can be a bit risky as you can get whipped out before it goes your way.  I am short for a very small lot (1/4 of what I normally trade) to see if I can catch this.  My stop is just above the 62 on the 1 hour.  This trade has been in a 20 pip range all Asian session today.  I am only targetting the S1 level but that is 500 pips!  I am willing to take a few tries on this pair due to fundamentals, also looking for an entry on either the GBPCHF or GBPJPY, but only one of the risk pairs.

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