FX:GBPUSD   British Pound / U.S. Dollar
689 4
Well here's one of those trades that has all the things we look for all lined up.

1. Strong downtrend with a pullback to (2) key resistance levels: 100-MA & .618 Fib Line.

2. We saw price break through the 50-MA and pinball off the 100-MA on the last major move.

3. Stochastic (which i use a a 'cycle indicator' is showing price is at the "peak" of a cycle and ready to retrace.

4. MACD (which I use for a momentum indicator ) is at a new relative high, indicating a possible retrace.

I will look for %K (black line) on Stock to make a turn DOWN and enter SHORT on that hook.
I will assume that on the downturn of that indicator we will have reached a wave/cycle high.

I will enter 1 pip below the close of the candle that caused the %K to hook down. This downturn will indicate
resistance has held on those 2 key levels and MACD should be paiting lower bars headed down towards the mid-line.

My only concern with this setup is..... we are in a very extended downtrend. With as many cycles/waves that have been trending downward it's about time for a change. Hopefully we can get one more cycle down. Let's wait and see.
Well done, interesting level, watching closely.
4h structural resistance ahead, 30 min. bearish div.
Took short a few minutes before London kill zone.
Looking good.
hi Dale , nice analysis. Thanks for the idea, my view on this is something like this, i am seeing a potential bearish Cypher pattern which is completing around 1.533x . Currently the price is right near the last week high(blackline) and trying to break it,if that's taken away then its gives chance for this cypher to be active soon.
@GcNaif that is not a valid cypher as your C point does not reach the 1.272 extension of XA leg?
GcNaif mcpeacocks
as per the ratios i trade ,i consider C to be between 113-141 of XA
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