amit.sondhi2
Short

GBPUSD: CYPHER PATTERN59

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
Potential Cypher pattern on daily chart .
RSI is overbought.
Major Resistance at 1.5994

Entry-1.5920
Stop loss-1.6188
1st Target-1.5401
2nd Target-1.5077

Stop loss in pips-268
1st Target in pips-519
2nd Target in pips-843
When 1st Target is hit move your stop loss to Entry point for risk free Trade.
What is the risk profile for this trade? How wide a stop do you suggested based on this accelerated move up to this moment? Do you scale in or sell under lows? Thanks in advance for your reply. (PS - I'd like to make this chart "suggested" but it just needs more info.)
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Thanks for your comment. Please do let me know in future. Your are always welcome to ask.
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