GBP USD 5 Min:
I called this on the forum, one of simplest most effective set ups in trading: A failed flag reversal off a pivot point.
Price rose from open reaching a measured move a perfect failed flag reversal pattern just below R1 pivot point with entry below the signal candle breaking a mini trend line.
There were 4 hard signs for the trade:
Failed flag reversal just under R1 at a measured move and break of mini TL.
There were no deal breakers. Normally the 10 MA which would have been a deal breaker especially considering the strength of the rise could not withstand a FFR off a pivot point.
66% was closed at 6.2 pips which was touch of the 20 MA and as price struggled here another 10% was closed. SL was set to the shoulder of the pull back candle after the trade triggered. If I had closed 85% I would have been prepared to risk more by placing it 1 pip above the pull back candle wick and still been left in the trade.
Thanks to Al Brooks and FXMatrix for price action and pivot points but the failed flag reversal pattern and how to trade it is my own modification.