EverythingForex
Long

TRADE: GBPUSD: BUY@1.52200 Hold The Presses! A clear buy! G-Zone

FX:GBPUSD   British Pound/U.S. Dollar
3291 75 38
First, I'll make one thing very clear...IF YOU ARE NOT LONG NOW, YOU SHOULD BE!

Yes, that's a VERY strong statement but it is how I an feeling about this trade. I don't want to say this trade is any better than any other trade I make as ALL trades I take, I have confidence in or else I wouldn't take it.

In recent weeks, what this pair was doing was just so unclear! It had me and I think EVERYBODY scratching their heads! Well, I don't know who is still scratching their heads but now I AM NOT! I see it very clearly now what this pair wants to do! Well, at least I'm now not standing on the fence about it anymore. The direction is UP, UP and AWAY!

Very early on, about more than a month ago, I was already VERY BULLISH on this pair. Here was a chart I had posted more than a month ago: You'll see that I predicted that this correction would unfold in a ABC             5-3-5 Zigzag more than a month ago. Now prices didn't exactly go the way I thought it would back then, but I can't be that good!
snapshot

Now here is the daily chart with the latest price action. Compare it to the chart from a month ago.
DAILY CHART - Overview Of The Corrective Phase
snapshot

None of the back and forth, up and down movements had changed my mind ever since. No matter what happened in this pair, I always kept that BULLISH sentiment. And now, FINALLY, I think the stage is set for the BIG MOVE UP in the wave (C). Actually, I believe that the wave (C) has already started and since this wave (C) should be a 5-wave             move, what I am seeing is that the waves (1) and (2) has ALREADY COMPLETED. So what does that mean? WE ARE POTENTIALLY NOW STARTING THE WAVE (3) of (5)! And if correct, this is going to be a very STRONG and LONG wave (3)!

Price action has also set up a POTENTIAL bearish crab pattern with it's C point having just been set at the recent lows. If this crab is to hold, the C point can't get any lower than it is now. Prices hit the .886 retrace in the G-Zone Reversal of the previous wave up and have now started to reverse. The .886 would've been a PERFECT ENTRY.

So enough with the explanation. I want to keep this brief so I an get this posted for everyone's benefit. I'll do a FULL ANALYSIS on this pair over the weekend and see how it's doing.

MY TRADE PLAN
Simple....LONG, LONG, L-O-N-G! I am holding thi LONG position for the super long term being that I think we are now at the very bottom of the wave (C) and can't get any lower or else I will be completely wrong! And since I am trading this as if this is the bottom, then my stops will go below where you see I have marked the finish of the wave (B). If prices were to cross this point, then I know I am wrong about everything and will need to re-assess this pair.

*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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hi bro, did i draw the right potential shark pattern? My teacher just taught me gartley, bat, butterfly , cypher, I learned shark by myself, not confident of the shark pattern
GBPUSD:did I draw the right potential shark pattern?
Reply
Hange Hange
and I also draw a flag , could it be a way of support ? fibo draw wrong
gbpusd: how waves go?
Reply
Yes. It's a flag in the making. It still has a ways to go to complete, IMHO.
Reply
If you are asking if that is a valid shark, it is EXCEPT for the C point where the shark is completed (remember, the shark pattern DOES NOT follow the same labeling as the other patterns. It is a 0XABC with C as it's end point) which should be at 1.13 extension of the AB leg. But if you are asking me if this a GOOD shark pattern, then I will say no because the A point (the mid point) is too high. Now, the shark DOES NOT have any defined ratio requirement for the mid-point BUT it being that high does not give me confidence in it.
Reply
Hange EverythingForex
5-0 pattern doesnot have the requirement for A point(mid-point), but shark does , right ?
Reply
No. The shark is actually part of the 5-0 pattern. Therefore, neither one of them have any ratio requirement for the mid-point (A point).
Reply
EverythingForex PRO EverythingForex
Here's link to a post where I posted a trade 2 months ago using the shark and the 5-0 pattern which netted +192 pips. I explain in detail about how the shark and 5-0 patterns work together. Go have a look:
GBPUSD: Explaining the "5-0" Pattern And What To Expect Shortly
Reply
Hange EverythingForex
thank you, nice of you. Happy Mid-Autumn Day!
Reply
snapshot
divg eyeing 3w bounce,,
Reply
snapshot


Nice and clear ABC pattern and correction down from the top. Not yet reached the Decision Point as resistance.
Reply
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