Akil_Stokes
Short

GBPUSD: 3rd Times The Charm Right?

FX:GBPUSD   British Pound/U.S. Dollar
Tried shorting this pair twice yesterday and failed on both attempts. The first short came at the aggressive structure level that we talked about in Monday's training (which occurs around the B leg of the harmonic move I drew out) and the second attempt came at these very same highs. Unfortunately my stop was about 8 pips too shy and the market got me.

Fast forward a day later and we now have a double top at the harmonic completion level along with a bat pattern (if you were to shoot down to the 15min chart). Third times the charm right.

In a trade like this we can look to either play it as a bat, or simply use the bat pattern as an entry reason for the bigger double top move.
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For more insight on how I approached this trade check out Trading Recap Jan. 28th 2015 "Practice What You Preach" http://ratiotradingmentor.com/2015/01/28/trading-recap-jan-28th-practice-what-you-preach/
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This look like a cup and handle for me.
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can I consider it as a double top?
+1 Reply
Yes you could have
+1 Reply
IvanLabrie PRO IvanLabrie
snapshot


Modified Chris Moody's intraday gap indicator to show quarterly gaps...see for yourself how crucial these are. :)
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IvanLabrie PRO IvanLabrie
snapshot


In my view, these levels show previous concentrations of buy/sell orders which market makers want to skip by gapping.
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The trade has already completed in our favor. Feel free to gap away.
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IvanLabrie PRO Akil_Stokes
Was showing how these lines gave me a good idea of s/r...I'm not much of an harmonic/fib guy. Nice trade Akil ;)
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Akil, where are your targets?
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