R+2: GU Intraday Short

Happy New Year all here's an intraday trade I took on the GU this morning.

I had noted few things

1. that there was some medium strength UK data out at 0930GMT

2. My STAM work told me I wanted to short the GBP

3. There was a resistance area above GU price action that was chock full of R levels

It was my hope that the reaction to the data might push price up into the zone of supply/level where I thought lots of sell orders were sitting and I would be able to short it. Price did as I hoped, I drilled down to the M15 chart where a nice pin had formed with a large upper wick so I set my sell stop at it's low and a TP at 1:2. Turns out I could have held much longer...