GBPUSD - ABCD pattern back to H4 support (12092016)

FX:GBPUSD   British Pound/U.S. Dollar
Was late last week's move on GBPUSD             an overreaction?

Price has completed an ABCD pattern back to a key support zone in yellow.

I have gone long at 1.3270 with my stops at 1.3220 (50 pips)

Hoping to ride this until 1.35(280 pips) where it completes a bigger butterfly pattern to short.
Trade active: Went in at 1.3264, SL at 1.3220.

Shifted SL to breakeven.

Riding it to 1st target at 1.335 and 2nd target at 1.35.
Trade closed manually: Closed one ticket around 1.3320 and the other one hit my breakeven protective stops.
Hi Terry, I totally agree with AB=CD pattern but I am afraid its only gonna hit C (1.335) and go down up to 1.305. As for big Butterfly pattern my view was the same to short from 1.35 but for now it looks like GBP is under strong downtrend pressure. I might be wrong...
it could happen, I will strongly suggest taking partial profits at 1.335 and the rest of your tickets run to 1.35 after shifting SL of the remaining tickets to breakeven.

In my mind, I am just thinking that the USD move last week could be a knee jerk reaction to hunt the SL of retail traders.
Njvest TerryHarmonicTrading
Thank you for the tip, I will close half of my position at 1.335 depends on the price action at that level.
nonetheless, if it breaks last week's low, I might go short upon retracement. The road map is clear.
Njvest TerryHarmonicTrading
U r right Terry, the road map is clear now I can see it, I closed half and the rest running up to 1.35 with break even SL. Cheers
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