EverythingForex
Short

TRADE: GBPUSD: SELL@1.55950 Shark + Wave C Completion

FX:GBPUSD   British Pound/U.S. Dollar
I haven't posted anything on this pair in awhile even though I have been actively trading it so I thought I'd post something on it. Here is a trade I just took from 1.55950 when prices broke through 1.56000 level in a bearish price action. The PA is confirming the fact that the corrective phase may be over and the wave (C) complete. From here, I can draw a POTENTIAL bullish shark pattern.

I've also marked out an AB=CD pattern that would end within the PRZ of the shark pattern at the 2.0 extension. From this end point, if I locate the C point of the POTENTIAL 5-0 pattern there, then the D point of the 5-0 would end almost EXACTLY at a the B POINT line of a butterfly pattern on the DAILY chart which is also a MAJOR SR STRUCTURE level. Using this "breadcrumb"-type projection analysis technique when worked backwards serves to confirm the current reversal points as high-probability points. Of course, it probably makes TOO MUCH sense to be correct, right? ;-P We'll see.....

Also, there is a POTENTIAL bullish butterfly pattern that would also complete near that 2.0 shark extension AND where the AB=CD pattern completes. TOO much confluence? Hmmmm....Here's the chart I posted 20 days ago that shows that butterfly pattern .
snapshot

Here it is now with the latest price action. Compare it to see how well my predictions from 20 days ago went.
snapshot

MY TRADE PLAN
This is obviously a LONGER TERM trade. Probably will take 1-2 weeks to complete if it does. Along the way, there will be many retracements and reversals. But as long as the current top holds, none of that will matter in the end. So I am holding this SHORT trade for awhile. My stops will obviously go above the current highs where i have the wave (C) as being complete.

*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!

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