For anyone interested i will be live streaming my trading on my you tube page beginning at 8am est.
On the Chart, you have two potential advanced patterns on the GbpUsd. The first is a cypher pattern that will complete at 1.31070. Now cypher patterns are usually a trade off when you get on the lower time frames. They have a >70% win rate, but they sometimes have a inverse risk/reward ratio to target 1 (as this one does).
If you don't like taking trades with an inverse risk/reward, there is a potential bat pattern that will complete at 1.31130. This pattern has a better than a 1.5:1 reward to risk ratio, but they have a lower win rate than the cypher pattern (still greater than 50%). Since we will probably see a lot of consolidation this week on the dollar pairs due to traders waiting for the NFP results on Friday to make a move, there is the potential for a lot of these advanced patterns to form throughout the week.
Either way, if these patterns are a part of your trading plan, then they could potentially provide a great opportunity for you.
Thanks again, Good luck and Good trading.
On the Chart, you have two potential advanced patterns on the GbpUsd. The first is a cypher pattern that will complete at 1.31070. Now cypher patterns are usually a trade off when you get on the lower time frames. They have a >70% win rate, but they sometimes have a inverse risk/reward ratio to target 1 (as this one does).
If you don't like taking trades with an inverse risk/reward, there is a potential bat pattern that will complete at 1.31130. This pattern has a better than a 1.5:1 reward to risk ratio, but they have a lower win rate than the cypher pattern (still greater than 50%). Since we will probably see a lot of consolidation this week on the dollar pairs due to traders waiting for the NFP results on Friday to make a move, there is the potential for a lot of these advanced patterns to form throughout the week.
Either way, if these patterns are a part of your trading plan, then they could potentially provide a great opportunity for you.
Thanks again, Good luck and Good trading.