2010-09-20 GBPUSD Live Trade

(This is a live trade shared by Eric Lye in his Forex Trading Blog.  The purpose is to share how we trade and provide the learning points.  Note that there is no absolute right or wrong about a trade, it is all about managing it well)

As planned, there was opportunity to take the retracement leg.  Though there was a head and shoulder, it doesn't means it will reverse all the way.  i.e. we should never apply all these pattern blindly, you would need to reconcile to higher time frame to know possibly where the prices are going.

GBPUSD 2010-09-20