Instructor's Response:
Very nice job on your analysis of this EURGBP trade.
At the time of the analysis, with the Daily trend being biased to the upside, the long wicked candle, and being at a support level your analysis of taking the pair long was quite solid. Many looking at this pair reflected, as did you, that a bullish move could play out. Going forward, you may want to put a slow stochastics indicator or MACD on your chart to see what information they might provide regarding fine tuning the entry.
Here is a link to a piece by one of my associates on the EURGBP pair...scroll down a bit and you will see it. He underlines the fact that one can be stopped out on a trade due to something other than poor execution.
http://forexforums.dailyfx.com/dailyfx-course-instructor-trading-tips/57450-chart-day-35.html
