There was a spike on GBP today, basically across the board on all pairs. By my take, the spike occurred near a resistance level around which I had already placed a trade, and so the spike ended up stopping me out. In my opinion this is an instance, however, of when the resistance level is further validated -- and thus it is worth re-entering the trade. I feel more comfortable placing a tighter stop not too far beyond the high/low of the spike when the spike is noticeably long. As such, I re-entered a trade here. The chart below illustrates.
GBP/AUD" title="GBP/AUD" width="1279" height="676">
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