GBPUSD Long at 1.27 Public Journal #2

Public Journal #2

Quick glance at GBPUSD, while I don't look at this pair, a friend of mine, asked me to show what I see currently on this pair. To the public, this could be a free signal ;).

Trade closed: stop reached:

Since price is heading down, I saw the butterfly pattern and thought price would use the D point to rally up before heading down. However, this wasn't the case as price is continuing creating lower lows and lower highs. The D point was met with an extreme price action which below past the tight convergence point of the D point, looking back at the structure, the basic AB = CD pattern would have been better approach to this set up.