Look at this baby here... Isn't she beautiful? I find it cool when a series of patterns form and all of them confirm the same thing like we see in this chart. All three patterns are bearish! Every time I get excited about things like this a colleague of mine reminds me that major institutions love these scenarios just as much as me but not for the same reasons. He believes that institutions take advantage of these scenarios to shaft us, the retail traders. How, you ask? Well, when the charts are looking clear and all the stars have aligned, the big bad institutions grin with delight as they know that us poor little retail traders are going short because that is what price action is showing us. What do they do? Manipulate the market as soon as they see that the majority of us are all in short....then they BUY in huge amounts, price pushes up, we get stopped out and they laugh all the way to the bank...wait, they are already at the bank...soooo...they just cash in and laugh! LOOOL! Its tough out here for retail traders...
So, anyway, first thing that caught my eye on this chart was that big bear flag in black. She sets the tone and mood for this pair. She is halfway through completion having broken out at the crossover from 2015 to 2016. The minimum price objective she is giving us is way down at 0.94778. Very interesting if that actually happens. I wonder what will be going on in the world at that time.. Anyway, within our big beautiful bear flag, we have a bearish symmetrical triangle, in purple. She and her other triangle cousins are feisty most of the time and can send you going the wrong direction. In this case however, this particular triangle behaved and broke out to the downside as expected and even met her minimum price objective at 1.23544. Now, as she broke out, price decided to give us another pattern. From this chart she looks like an ABCD pattern but she doesn't meet the requirements; not to worry though, on a
shorter time frame she looks better, she takes the form of a bearish flag. All these ladies agree that the GBPUSD pair is bearish long term. In fact it seems we are perfectly positioned to find an entry to go SHORT and ride the pair all the way to 0.94778 BUT, and this is a big BUTT, the market does what it wants! We control nothing but our positions, remember that!
critic, refute, agree!
Mentors not Trolls!
So, anyway, first thing that caught my eye on this chart was that big bear flag in black. She sets the tone and mood for this pair. She is halfway through completion having broken out at the crossover from 2015 to 2016. The minimum price objective she is giving us is way down at 0.94778. Very interesting if that actually happens. I wonder what will be going on in the world at that time.. Anyway, within our big beautiful bear flag, we have a bearish symmetrical triangle, in purple. She and her other triangle cousins are feisty most of the time and can send you going the wrong direction. In this case however, this particular triangle behaved and broke out to the downside as expected and even met her minimum price objective at 1.23544. Now, as she broke out, price decided to give us another pattern. From this chart she looks like an ABCD pattern but she doesn't meet the requirements; not to worry though, on a
shorter time frame she looks better, she takes the form of a bearish flag. All these ladies agree that the GBPUSD pair is bearish long term. In fact it seems we are perfectly positioned to find an entry to go SHORT and ride the pair all the way to 0.94778 BUT, and this is a big BUTT, the market does what it wants! We control nothing but our positions, remember that!
critic, refute, agree!
Mentors not Trolls!