UPDATE #1: TRADE: GBPUSD: SELL@1.54810 Expanding Triangle (+171)

FX:GBPUSD   British Pound/U.S. Dollar
Updating this trade idea, the SHORT from the completion of the expanding triangle and the completion of the leg 4 of the larger descending triangle has gone as expected so far and has already generated an unrealized profit of +171 pips so far. Price action is showing a continuation of the downward momentum .

The recent price action has also created a POTENTIAL Cypher pattern as well. Prices are descending along the the CD leg of this cypher . I am also placing my TP1 at the completion of this cypher . When prices reach the completion of the cypher , I will decide how much profit I will take off this trade if any as I am expecting that prices would eventually reach the bottom TL of the larger descending triangle to complete the leg 5 and also the POTENTIAL Bat.

Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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a year ago
Thanks Good point
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