EverythingForex
Long

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

FX:GBPUSD   British Pound/U.S. Dollar
3290 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!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
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Hange
a year ago
Seems good,I long follow your step, and thanks for sharing
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If anyone else taking this trade, PLEASE make sure it is within your trading plan to do so! If it is not, DON'T TRADE IT! I know i sound very confident about this trade but please do not let that be the reason you take the trade. It is ONLY what I am doing. Not what I am recommending to anyone else to do! As always, I CAN BE WRONG!
+1 Reply
Very nice setup and I think you are correct with the wave count. I got long on this pair for the same reasons on the 0.786 retracement of the 2nd wave already, so let's see if we are on the right side of the move :) good luck!
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We could bag around 400 pips on this if we are right...it's not so a generous pair this one like the GBPAUD :) I made until now 240 pips profit on taking a perfect Bat pattern on that one and is only Target 1 that were hit. :)
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EverythingForex PRO Koryphaeen
a year ago
I don't trade the GBPAUD but congrats on that trade though! Hope this one works out just as well or better! GL!
+2 Reply
Hange
a year ago
Is it appropriate I set SL below 1.52, sir?
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EverythingForex PRO Hange
a year ago
It's not for me. If that's where you put it according to your own trading plan, then you must do that. I put my stops where if prices stop me out, then I know my reason for entering the trade is wrong. In this case, I need prices to invalidate my wave count before I can say that I am wrong and should get out. That point for me is below the wave (B).
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ForexisbizFib EverythingForex
a year ago
Hi bro..point B is at 1.5000?
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EverythingForex PRO ForexisbizFib
a year ago
1.56580 for the bat.
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ForexisbizFib EverythingForex
a year ago
Sorry for the confusion bro..what I meant was the Stop Loss point..
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EverythingForex PRO ForexisbizFib
a year ago
My stop loss is just below the wave (B) end. I have it ended at 1.51629. So my stops will go below that. But 1.50000 seems MUCH too low. Don't need it to go that low to confirm that I am wrong. Something more like 1.51300 is good enough.
+1 Reply
ForexisbizFib EverythingForex
a year ago
Ahh.. That makes perfect sense. Thanks for taking your time to reply. trust me you are among the best trader and a good person at Tradingview.
+2 Reply
kopparam
a year ago
similar buy zone but .....good to have different perspective about the market.
snapshot
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EverythingForex PRO kopparam
a year ago
Hope you don't take this as criticism but that isn't a valid cypher pattern. I also saw that and measured the ratios more than few times as I also wanted it to be a cypher! More support for my trade reason. But it isn't. But still, good idea. But if it got you into this trade, I hope for your sake AND MINE, it works out for you. GL!
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kopparam EverythingForex
a year ago
i appreciate you took time to analyse this ............... i learnt it from the following video.about if s and buts of cypher formation.........................https://www.youtube.com/watch?v=9y-QYNrMrHA
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EverythingForex PRO kopparam
a year ago
Sorry, I don't need to see any video about it. I learned it from the very person who discovered it, Jason Stapleton. Cannot get any more correct information that that! That's the problem with the internet. There's a lot of good information out there but there is also much bad information. It takes that "pass it along" game everyone played when they were kids to the extreme! By now, I'm sure there's bad info on the cypher out there with other people who are trying to take some kind of credit for themselves or trying to make a name for themselves as some kind of self-proclaimed guru on the subject. Just learn it from the original source. No need to go to anyone else. I have nothing to do with Jason so by me referring his site does not benefit me in any way. So go here to find the CORRECT ratios: wwww.tradeempowered.com. That's his website.
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kopparam EverythingForex
a year ago
ironically he also learned it from jason stapleton. i anm new to harmonic trading i will go through it again
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DiegoGaviria
a year ago
Again you with its good !!
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EverythingForex PRO DiegoGaviria
a year ago
Thanks! I hope so!
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LuisAmboni
a year ago
Same opnion after Yellen?
I will Buy now 1,5210
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EverythingForex PRO LuisAmboni
a year ago
I have no opinion about Yellen. Just like she really had no real opinion on the rate hike. She didn't say anything different than what was said already at the last FOMC meeting. This is why I don't use fundamentals in making my trade decisions. I follow the news but do not use it to take or break any trade. My trade on this pair stands as is until the CHART tells me otherwise. Not Yellen.
+2 Reply
01tnguyen
a year ago
Hi, I just learn how to do harmonic analysis like you for weekly chart of this pair. I just want to get your opinion on this to see if this is correct for bearish bat? Thank you very much for your help.
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01tnguyen 01tnguyen
a year ago
snapshot
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EverythingForex PRO 01tnguyen
a year ago
Yes, this qualifies as a bearish bat.
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01tnguyen EverythingForex
a year ago
Yes, thank you so much for your reply. Too bad this trade did work out as planed, but there is always tomorrow. Thanks!
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01tnguyen 01tnguyen
a year ago
DidN't
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EverythingForex PRO 01tnguyen
a year ago
Chart?
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AhmadFarhan 01tnguyen
a year ago
I also want to learn. what sources/readings do u recommend?
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EverythingForex PRO AhmadFarhan
a year ago
If you are wanting to learn harmonics, just google Scott Carney. Read all his material.
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adrian_24K
a year ago
I just went long a little earlier on this I think first target on resistance at 1340!
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adrian_24K
a year ago
Just went long first target 15340! Near that resistance area
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reignjuste
a year ago
cable is going down.
This is a risky trade
+1 Reply
EverythingForex PRO reignjuste
a year ago
Every trade is risky. Trading is risky. It's a matter of managing your trade to minimize the risk that makes a successful trader. So what if it's going down? I have that risk built in to the trade. If it takes out my stop, I know I'm wrong. That is the risk I was willing to take entering the trade.
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adrian_24K
a year ago
It don't matter if does! It just means I'll have to re-evaluate the situation! Mean if that support doesn't holdAnd price breaks down I will go short when price retraces
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EverythingForex PRO adrian_24K
a year ago
Yes, Adrian. That is a great attitude to have about any trade. This kind of attitude is a common trait among ALL successful traders! If you stick to you trading plan, then there is no reason to worry.
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CarsonKT
a year ago
I also long this about 4 hours ago, based on almost the same harmonic pattern analysis
but now it seems going nowhere.
I guess ppl are all waiting for 8:30 data
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EverythingForex PRO CarsonKT
a year ago
It's Friday. I don't expect anything to happen today. Same with many pairs.
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Vostiothenjo
a year ago
And IF it sells???
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EverythingForex PRO Vostiothenjo
a year ago
And? If it sells, then get out! Just because I say it should go up does not mean it will. I'll be letting my stops take me out.
+1 Reply
ForexisbizFib EverythingForex
a year ago
Yes bro..no worries.. It's a very good Risk n reward. 70pips reward for atleast 300 rewards. keep it up bro.
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DiegoGaviria
a year ago
Until now you could not hit with this pair. Keep it up.
+1 Reply
so, what is the update about this trade, you stopped out
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DiegoGaviria CarlosOrtellado
a year ago
I have long been waiting for the outcome of this and still misses . Hopefully .
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EverythingForex PRO CarlosOrtellado
a year ago
When I get stopped out, I will update. Until then, I do not give constant updates on trades.
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CarlosOrtellado EverythingForex
a year ago
come on, you bougth @1.5220 the price go down to @1.5130 and you not? please...
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EverythingForex PRO CarlosOrtellado
a year ago
Disciplined traders know when to get out. I am out because there is no good reason to stay in.
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omamdouh EverythingForex
a year ago
Well , It bounced back , and I bought the dip ...

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EverythingForex PRO omamdouh
a year ago
Bounce backs like that are not an indicator to buy. But GL with it.
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Vostiothenjo
a year ago
GBPUSD structure Daily TF
I think its good to have an overview of how a pair is moving.
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ForexisbizFib Vostiothenjo
a year ago
Mine stopped out. No worries you win some you lose some.. It's part of the game.
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EverythingForex PRO ForexisbizFib
a year ago
I'm not stopped out yet but that's a good attitude to take. Don't ever take any trade win or lose too personally. Always another trade just around the corner. And don't jump back in in a revenge trade either. Sit back, do your analysis and look for another good entry.
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Vostiothenjo
a year ago
Am not in the trade my bro I dont see why I should by the pair. We should have our own reasons to place a trade. We dont place trades unless they confirm with our own analysis. THANK YOU
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EverythingForex PRO Vostiothenjo
a year ago
Yes. that is absolutely correct! I don't want people placing trades on MY SAY SO! Please use my analysis as a way to check against your own! Because in the end, each person MUST be responsible for their own trade! Thanks for saying that, Vostiothenjo! I couldn't have said it any better!
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adrian_24K
a year ago
Everyone has their own way of trading and if the market tells you your wrong we have to respect it. Gbpusd long term trend bearish this looks likes a corrective wave 4 if ur an EWist there are a few scenarios for this a failed fifth wave which would result in a double bottom and this has to do more or break further but there are other reasons saying that we are not here to predict!
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Hange
a year ago
Hi, master. I got a question, if there have 13 waves, the price must have adjust, is it right?
gbpusd have 13 waves, there must have wave abc, PRICE GO UP?
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Hange Hange
a year ago
and the maximum waves can't be over 13 ?
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EverythingForex PRO Hange
a year ago
If you are referring to the sub-waves of an impulse wave, it goes to 21.
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mkdeep04 Hange
a year ago
http://prntscr.com/8kdvd4 here is 5 wave -- shy
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01tnguyen Hange
a year ago
Just my own opinion, I think you got your wave count mixup. I dont think Wave 4 cant retrace to wave 1.
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EverythingForex PRO 01tnguyen
a year ago
In general, that is correct. That is the rule. BUT in forex, there are rare exceptions when it can due to the extreme high leverage used. R.N. Elliott himself said that this wave 4 rule "only applies to CASH instruments".

The very high leverage available and used in forex can cause "overruns" where you may see a wick drop into the wave 1 price territory off a wave 4. This can happen for example if there is some news event happening that coincides with a wave 4. Rare. But can happen. I have yet to see one though. But 99% of the time, if you have a wave 4 dropping into the wave 1 price territory, it usually means that your wave count is wrong.
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mkdeep04
a year ago
snapshot
possible ?? 1.44xx ?
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mkdeep04 mkdeep04
a year ago
snapshot
zoom 5w down .. valid below 5600
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mkdeep04 mkdeep04
a year ago
snapshot
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mkdeep04 mkdeep04
a year ago
snapshot
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Miltonfx
a year ago
I may be wrong but I think they want a daily close at this level or 1.50 to get h&s... So they are keeping gu low because other way we never would get Pivots bottom and other technical analysis on these charts
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snapshot


Nice and clear ABC pattern and correction down from the top. Not yet reached the Decision Point as resistance.
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mkdeep04
a year ago
snapshot
divg eyeing 3w bounce,,
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Hange
a year ago
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?
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Hange Hange
a year ago
and I also draw a flag , could it be a way of support ? fibo draw wrong
gbpusd: how waves go?
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EverythingForex PRO Hange
a year ago
Yes. It's a flag in the making. It still has a ways to go to complete, IMHO.
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EverythingForex PRO Hange
a year ago
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.
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Hange EverythingForex
a year ago
5-0 pattern doesnot have the requirement for A point(mid-point), but shark does , right ?
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EverythingForex PRO Hange
a year ago
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).
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EverythingForex PRO EverythingForex
a year ago
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
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Hange EverythingForex
a year ago
thank you, nice of you. Happy Mid-Autumn Day!
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