GBP/USD Bullish Shark Pattern
Finally a little reprieve for GBP/USD. Looking at yesterdays
Doji formation just atop the 200 SMA, it looks like GBP/USD
will retrace after a 2 week waterfall. However, be patient
with your entries at least for this pattern on the daily time
frame; obviously on lower time frames one could open long
positions until price closes above 1.3772.
If price gets rejected at the 61.8% retracement level we
would be looking at a 2618 pattern after the double top
formation from 2 weeks ago. Also bear in mind next weeks
GBP interest rate decision, and the rumours surrounding
a rate hike seem bleak thus from a fundamental aspect
this could turn into a 2618 trade.
Note also that today the 1.618 Fibo time zone has been
reached - measured from A to B to C. It may not mean
much, however, looking at yesterdays Doji it could reveal
the start of a retracement.
Trade 1 (RvR ration 2.58 with S/L ATR 1)
Entry 1: Close above 1.3711 (1.618 of BC)
Entry 2: Close above 1.3772 (88.6% of XA)
S/L: 1.3662 (ATR 1)
T/P 1: 1.3859
T/P 2: 1.3957
T/P 3: 1.4056
Trade 2 (RvR ratio 3.03)
Entry: Close above 1.4056 after retest
S/L: 1.3950
T/P 4: 1.4245 (Point A)
T/P 5: 1.4377
As always adjust your stop/loss once in profit as well as
suiting your personal risk management profile.
Happy trading
Finally a little reprieve for GBP/USD. Looking at yesterdays
Doji formation just atop the 200 SMA, it looks like GBP/USD
will retrace after a 2 week waterfall. However, be patient
with your entries at least for this pattern on the daily time
frame; obviously on lower time frames one could open long
positions until price closes above 1.3772.
If price gets rejected at the 61.8% retracement level we
would be looking at a 2618 pattern after the double top
formation from 2 weeks ago. Also bear in mind next weeks
GBP interest rate decision, and the rumours surrounding
a rate hike seem bleak thus from a fundamental aspect
this could turn into a 2618 trade.
Note also that today the 1.618 Fibo time zone has been
reached - measured from A to B to C. It may not mean
much, however, looking at yesterdays Doji it could reveal
the start of a retracement.
Trade 1 (RvR ration 2.58 with S/L ATR 1)
Entry 1: Close above 1.3711 (1.618 of BC)
Entry 2: Close above 1.3772 (88.6% of XA)
S/L: 1.3662 (ATR 1)
T/P 1: 1.3859
T/P 2: 1.3957
T/P 3: 1.4056
Trade 2 (RvR ratio 3.03)
Entry: Close above 1.4056 after retest
S/L: 1.3950
T/P 4: 1.4245 (Point A)
T/P 5: 1.4377
As always adjust your stop/loss once in profit as well as
suiting your personal risk management profile.
Happy trading