TRADE #2: GBPUSD ENTRY ON 5 MIN CHART: UNSUCCESSFUL

Click on the charts to enlarge them. So I boiled down to a 5 min chart. I am wanting a quick move of 20-30 pips profit on this one. If you enlarge the chart above you will see that the pair has broken an uptrend line to the downside. Since the overall daily trend of the GBPUSD is down, I chose to take this trade on the short side. So the pair also broken through support as 1.6325 has shown to be a strong pivotal point as of late. Piss me off though. I was on fxsolutions.com I cannot place a limit order within 10 pips of the current spot price!!!! Well, that just counted fxsolutions off as a contender for a broker. I am forced to put a market entry in at 1.6310 rather than where I wish to enter at 1.6320. Putting my stop loss at 1.6335 then. (25 pips) Target is 1.6292, 5 pips above previous low. The chart above explains it all. I was stop lossed out at 1.6335 and subsequently have a 25 pip loss. My analysis of the trade. 1. I traded when the markets were awaiting the Australian open and there was very little activity. Error #1 2. this is the second time that I have been burned on a 5 min chart. The first one was in class. Error #2 is using 5 min chart 3. I still believe that my analysis is accurate with the pair still being to the downside. For the past 2 days the USD has been up against other currencies especially the EURUSD and AUDUSD. If you look at the chart below, you will see my analysis on the daily chart. (click on the chart to enlarge it) One thing going against the short position is the fact that it is above the 55 day MA (which I am using due to Fib #s)