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Short below the 50% retrace
Location: BlogsMy journey with GBPUSD    
Posted by: ForexPlane.com Editor 5/14/2007 8:54 PM
It took a while for me to hold back and not trade because of the consolidation in such a small range. There are absolutely little opportunities to make to profit from this type of market, especially when I'm a trend-follower.

Finallly starting with the Fed announcement last Wednesday, the following day kicked off the breakout to the downside from the consolidation. The breakdown below the 50% retrace and below the Monthly Pivot.

Taking a short after the rejection just below.

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