GBP/CHF: Possible bearish shark and who knows even a 5-0...

FX:GBPCHF   British Pound/Swiss Franc
75 5 7
a year ago
This pair might be headed towards the January high which should likely provide strong resistance and a good pullback.
The shark drawn on chart might give us a good entry, none of the other harmonic patterns are valid within the current structure imo but please let me know if you disagree!

Short entry at the 161.8 extension of AB with SL safe above the January high. I have drawn it quite wide here but tighter is possible in this case, say 1.5560 or so.
Above the 1.5500 round level and the 1.13 ext. of the shark's 0 point is also possible for those who like it real tight! I don't...

The shark might develop into a 5-0 pattern so the primary target would be the 50% retracement of BC             , extended target the end of the harmonic AB=CD projection of AB, i.e. the 2 boundaries of a possible 5-0 PRZ.
Partial profits can be booked at the 38.2% retracement of BC             which coincides with the shark A point.
I will probably take 30% at TP1, 50-60 at TP2 and the remaining 10-20 at TP3.

Please note that I have changed the defining levels/letters of the shark/5-0 pattern from XABCD (TV tool defaults) to the 0XABCD letters as used in Scott Carney's book (studying it now...).

In case the shark works out and develops into a 5-0 pattern I will be looking to go long at the point where the possible 5-0 pattern and a possible previous structure S/R come together (around the 1.4900 level).
a year ago
Trade closed: target reached: Super trade!!
a year ago
GBPCHF....possible To hit 2 Target
KVE PRO Hiisham
a year ago
Tnx 4 sharing! I'm guessing your SL was hit regretfully.
Mine is well on the way.
Hiisham KVE
a year ago
Yes, u right he touch my SL "(
Hi KVE: great trade........... Congrats. Are you going to take it up now? Anil is suggesting it could as Wave V? Your thoughts
KVE PRO EvermorePips
a year ago
Thanks, yes I saw Anil's post about that, waiting for confirmation!
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