One More Time With The Same Setup

Once again, I was going through my morning chart scans and the Eur/Gbp caught my attention. The 5m, 15m, and 30m charts were all forming identical sell signals with the same setup that I posted about yesterday. Here's a 5 min chart that shows my entry:As you can see from the chart, the trade quickly went in my favor...usually a good sign. Then the pair bounced back just a little after it almost hit my target. I used the bounce as an opportunity to add to the trade. I like to use a smaller time frame when adding to positions, so I pulled up the one minute chart and waited for a good entry. Here's the one minute chart:As the above chart shows, I added right when the signal line of macd was about to make a bearish cross and the stoch was oversold and beginning to point down. I also placed a stop just above the upper bollinger band channel. This turned out to be a great place to add to the trade and my profit target was quickly hit. Here's the last chart which shows the profit target being hit:Target hit and 45 pips were put in the bank today. The pair continued to decline after my target was hit...maybe I should start leaving a piece of the position on to capture any additional pips. Any of you guys scale out of trades that way? I know that John Carter leaves a little on the table with his forex setups in order to catch extra profit if the trade keeps going after the target is reached. Regardless, I planned the trade and traded the plan and it worked out well. I'm gonna close down the charts and get a little legal work done today.

Good luck out there.

TLT