TomProTrader

GBPCNH-Update: Take Profits, Weakness Seen! #Forex

FX_IDC:GBPCNH   BRITISH POUND / OFFSHORE CHINESE YUAN
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7
Traders,

Update on trade: Moving extremely well to the upside since I last posted the pair (See related ideas). It's time to take profits here for the time being since the trend is weak.

Previous analysis: The trade is in a nice 3 wave cyclic move since buying at the bottom. There was a nice bullish leg, followed by a corrective bear leg, offering a morning star signal for a continuation move to the highs of the range. The morning star was offered on Fib retracement, giving a nice reliable launch pad for an upside move. Expecting the extended target for this pair to be the 3 wave minor move. Before taking profits on this position.

I hope you have a tested trading strategy to trade this move when it starts

Thanks for your support

Comments

I am always satisfied your signal and tuition.
Many thanks. great day.
+1 Reply
@handosul, Thank you for your compliments.

Best of luck :-)
Reply
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