captain_smollett

GBPUSD. Cypher pattern completing

FX:GBPUSD   British Pound/U.S. Dollar
We already have 3 confirmation points for a bullish Cypher pattern, which is forming at key support/resistance leves: if price arrives to 1.2954 as expected, it could be a very good level for entering long positions

For now:

Shorts
Entry point: current values.
SL: 1.3460
TP: 1.2954

Longs
Entry point: 1.2965
SL: 1.29
TP1: 1.3140
TP2: 1.3195
TP3: 1.3255
Trade active: Shorted at 1.3306
Comment: I think they are trying to shake all people who were playing the H&S setup. The H&S worked quite well in the past but nowadays is very dangerous: market guys are playing very frequently against this setup, hunting stops and buy orders.

If this is correct, we may even see a double top today
Comment: Hourly candle has to close below 1.3280. Will add shorts on re-test
Comment: Heading to point D. All shorts to breakeven!
Trade closed: target reached: Closing almost all shorts, leaving 0.25 lots for a hedge as I enter 0.25 lots long here
Comment: Adding longs here. SL: 1.29
Comment: All longs to breakeven, eventually we are heading to TP1. Will add more on the nearest correction
Trade closed manually: Wonder if pattern has been invalidated... My long was closed on breakeven. I think it is necessary to watch how the day closes.

The waterfall was due to the Foreign Office head message that article 50 will be activated by the neginning of 2017.

Brexit is here, hasn´t gone anywhere and market will use every mention of Brexit to smash the GBP or lift it up.
Comment: We are not moving anywhere since days ago... Looks like 1.30710 is a wall right now. Will try tiny longs next week
Possible Head & Shoulders pattern cascade as well
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captain_smollett PRO captain_smollett
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captain_smollett PRO captain_smollett
That´s the way they are playing against the H&S pattern: first a small breakdown and then up again... Stops are activated, trendlines, support/resistance are broken. Now it is very difficult to be a bear on this pair
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captain_smollett PRO captain_smollett
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