KarYong

GBPUSD: Bullish Cypher Completion

FX:GBPUSD   British Pound / U.S. Dollar
The bullish pattern has been completed last week. But price action broke through the support area . If price is able to stay above 1.4985 and shows a bullish sign, we can still enter based on the Cypher pattern .

I would love to hear your opinion, feel free to comment, agree or disagree.

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KY
This pattern was on my watchlist also, but the momentum is very strong , a previous bat pattern failed before. I think we should wait for a reaction near 1.5000 and look for opportunities there.
+2 Reply
moneymaking FullTimeTrader
Yaa, I Totally agree. The market is reaching the previous support zone from 1.4985 to 1.4945 on the daily chart. Better to wait and see how the market reacts at that zone.
Reply
KarYong moneymaking
yea, i was involved in that bat and got stopped out! haha wanted to take it as a counter trend, but it didn't even bounce off the bat.
+1 Reply
I believe its the Non-farm payroll report that caused this huge move to the downside. This report always changes our view on the markets.
+1 Reply
Hey akyong, I believe that not until we start to see higher highs and higher low being made, we should stay to the sell side. This is a counter trend trade but it could be valid if the market is just making a small correction. Thanks for sharing as always and Good Luck!!
+1 Reply
KarYong moneymaking
yea, i agree that it is still in a bearish trend. On the fundamental side, pound is strengthening though :)
+1 Reply
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