EverythingForex

GBPUSD: Expanding Triangle Within Ending Diagonal: Sell Setup

FX:GBPUSD   British Pound/U.S. Dollar
1012 0 22
I haven't posted anything on this pair as of late while waiting for things to clear up somewhat. Well, looks like things are becoming much more clearer as to what is happening and what could potentially happen next. There are appears to be a pretty good sell setup coming soon. Not yet. But soon.

What you are seeing here is an "small" (relatively speaking compared to the ED pattern on the Daily TF) expanding triangle pattern within the larger ending diagonal pattern. This expanding triangle is in the cd leg of the ED. Prices are very quickly heading towards the completion of the expanding triangle.

There is also a POTENTIAL bat pattern defining the cd leg of the ED as well but it's D point is outside the ending diagonal's upper TL D point.. Which on a daily TF scale is not much. Also keep in mind that just because the bat is there DOES NOT mean prices must complete it. If it does complete it, it will mark a good sell point for the ride down to complete the ending diagonal pattern.

On the DAILY TF, you can still see the 2 long-standing harmonic patterns are still in effect. In fact, the ending diagonal should be ending somewhere near to the butterfly's D point completion.

Here is the DAILY chart so you can see the bigger picture:
snapshot

MY TRADE PLAN
For now, just waiting for prices to finish off that expanding triangle pattern and reach the upper TL of that ED before I will consider taking a SHORT.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
BIG NEWS! Want a FULL WEEK of FREE ACCESS to my member's charts & analysis? If you want it, PM me! Also, for all who PM me, you will be entered to win a FREE MONTH'S Subscription! PM me for details!
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out