Posting this trade as a nice pattern trade. A Shark pattern was completed just now and with the GBPUSD being very much oversold as well as me being VERY BULLISH on it from more than a month ago, it is a good time to buy it. It;s very low risk should it not reverse and go up but continue down (see Related Ideas: "QUICK ANALYSIS: GBPUSD: Two Scenarios It Could Follow"). A good place to place a stop loss would be 1.5300 as a violation of that level could trigger a sell off. But the potential profit for this trade could be very nice.
Also, in my previous post, I mentioned that prices could indeed break below the lower trend line of the larger consolidation pattern and then rise back up leaving behind a false break. This is exactly what I see happening or at least what I am hoping will happen!
*DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
Please read my post on this trade AND also please read my DISCLAIMER. Thanks!
lpernetta
⋅
Hi again, what are the fib rules for a shark? I have always had problems with that one.
EverythingForex
⋅
Here you go:
lpernetta
⋅
Thank you E.F. much appreciated!
lpernetta
⋅
Hi, There is also a very nicely hidden Cypher if you shrink the chart a little. X = 1.5327 on the 08/07/15 @ 2pm, A = 1.5690 on the 29/07/15 @ 2pm, B = 1.5422 on the 07/08/15 @ 2pm, C = 1.5819 on the 25/08/15 @ 10am, D = 1.5432 on the 27/08/15 @ 10am. Note that Cypher has completed and price has moved down since but it is still valid since your 1.5330 horizontal red line has not been broken to the downside yet. Waiting to buy too. Your SL is also good for the Cypher in question. My target is about 1.5570 no more on this one unless price action tells me otherwise as it develops.
EverythingForex
⋅
Better if you post a chart to describe it! You're making my head spin posting all those numbers! Or rather, I'm just too lazy to go and plot it according to your numbers....;-).
lpernetta
⋅
Hopefully this will work....
lpernetta
⋅
EverythingForex
⋅
Yep, that's valid cypher. good catch. good for you if you traded it. Hopefully it will work out for you coz' if it does, then my shark will also work out nicely! GL!