GBPUSD Back at Structure

FX:GBPUSD   British Pound/U.S. Dollar
This is a trend continuation trade on the GBPUSD             . We've made a serious down move off the weekly structure resistance area I outlined a couple weeks ago. There could be some additional downside and this gives me some excellent risk/reward
Hey Jason. is the pair of EURUSD is similar in action to GPBUSD ? if Yes , On your recent chart of EURUSD , the price range are above 127% fib. and it is a sign to go long and Now you see tnat GBPUSD is short and it is a trend continuation. Again what is your opinion in that ?
Jason_Stapleton PRO mohamed.alrashedi.3
I don't look at pairs in correlation. I trade each pair independent of the others. The EUR shows a pattern completion and says go long. The GBP has been bearish and is now at a place to short.

I short the GBP and go long EUR. One pair has nothing to do with the other.
+5 Reply
mohamed.alrashedi.3 Jason_Stapleton
Thanks Dear Jason. We will keep watching
meymz Jason_Stapleton
this is true because correlations between two assets (USD/oil, Dow/USD) have shown to be direct and inverse overtime.
pavan15589 Jason_Stapleton
Would you trade two pairs if both of them gave long signals with USD being at Quote in one and with USD being at Base in the other on the same time frame.
Maybe the narrowing of the ATR will end with breakouts of the GBP and the EUR vs the USD to the downside. Do you currently check for day trading positions right now? or would you resume your trading this September?
It is Day trading. for GBPUSD, there is also a broken daily uptrend channel starting from Oct. 2013 till 1 Aug. 2014 and during sep. we may see more lows reaching more than 300 pips

tell me your opinion MEYMZ and also JASON
Adamonics mohamed.alrashedi.3
I don't believe the channel is broken - check the Rebound above. This will be an interesting one to watch; I hope the support hasn't turned resistance although right now the price is bouncing on that level:
Thanks Jason.
Hey Jason, do you see the $CBPUSD coming back down after that massive spike?
pavan15589 redric83
No..!! I personally don't think so (I got stopped out)....The pair will move up and test 1.70000... Lookout for the right shoulder formation at the level though for a bearish reversal pattern....
pavan15589 pavan15589
And that area happens to fall on .382 retracement....
+1 Reply
Don't over think the trade. You have a position. The position has not been stopped out based on the points I outlined. Most of trading is waiting. Be patient. Give the trade time to develop. Nobody knows what the market will do, we can only play the percentages.
+3 Reply
pavan15589 Jason_Stapleton
Thank You Jason....According to your trade setup, there's still a huge window to get stopped out.... And of course I have learned everything I know from your videos....I just made incorrect analysis and realized how your stops actually technically give the market enough breathing space (even when fundamentals are sometimes at play)....Thank you again....I will keep it in mind...
Do you know of any tutorial teaching how to apply cypher patterns?
Ok for those of you who took advantage of this move we are well into profit. Consider moving up your stops to protect you from a loss. Stops to BE might be a good idea.
+2 Reply
kenji Jason_Stapleton
cool, thanks jason. i had made profit out of your trade idea.
@Jason_Stapleton Do you know of any tutorial teaching how to apply cypher patterns? : )
Friend, you can subscribe Jason and Akil's youtube channels at https://www.youtube.com/channel/UCe3O5ZLxQzGz4-nfl6XLEHQ and https://www.youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg and watch previous and current videos. Not only cypher but also get many relevant vedeo.
+1 Reply
verakas Sandeep_Gupta
Thanks Sandeep_Gupta for your reply!
Nice trade
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