GBPUSD +9 pips 2016-05-06 | 5min S7 and 60 min Bounce Trade
Cable is ranging in a fairly quiet market, indicated by the close proximity of all the levels. It has risen to near the top of the range. There are in fact multiple set ups that are triggered at this point which makes the trade so attractive. The key level is the 5min S7. The five minute time frame is trending down with the S1 leading the S2, S3 and S7. In addition price is also midway between the two 60min boxes with its time frame also trending down S1 leading the R2 and R3 .
More details regarding trading forex price action, with the forex TimeLanes trading software, can be found here
Previous recording Forex Price Action | GBPUSD +9 pips 2016-05-05