LeeFuGuo
Long

GBPUSD: Long Bias

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
298 6 8
Gonna risk some pips here ~
SL will move to breakeven when price reached 1.416 / 1.419

R:R 13.69 (slightly greedy but I personally think its achievable)

DISCLAIMER:
I'm only providing my own thought toward the market but not making any trade call.

Hit the like button if you agree with my idea. As it will give me confidence to continue posting my idea. And feel free to comment in a respectful manner if you have a different view on it. Appreciate :)
Comment: Sorry ~ rushing to bed last night ... therefore didn't explain much on this
Above Bearish butterfly drawn based on Daily chart
snapshot

There is 1 level I will be concern (around 1.466) because it can be the completion of Bearish butterfly "Fibo BC leg 1.618 retracement". Therefore I will do a tight SL on that level in case the market turnover from that point onwards. Besides, that level is also a resistance level which hold up nicely last time. Of course the above chart I drawn is based on best scenario which the price can go up to 1.49 which is the BC leg 2.24 retracement. The completion of Bearish butterfly can be anyway around 1.466 to 1.49. Therefore trade might be closed anytime when I found the market show a reversal sign.
Comment: SL moved to breakeven ... Preserve your capital is always the "must" thing to do in trading :)
Good Luck :)
Comment: SL moved to 1.439 as the chart is showing some reversal sign.
Trade closed: stop reached: Profit 307 pips. Next !!! :)
Comment:
snapshot

Entered long again for GU ~
1) Fibo 0.618 retracement
2) Support zone (although it broken but look like it's a false break)
Continue heading toward D leg ... GO !!!!
Good luck
Comment:
snapshot

Bullish Bat
Expecting a pull back at 1.4224 (completion of bullish bat and also a support zone)
Trade closed manually: Trade closed due to breakout of triangle and also strong upside tail in 1 hour & 4 hours candle showing strong selling pressure.
Anyway short trade will not be taken as daily Bearish butterfly rule not violated yet. therefore still expecting a upside move.
1.4224 will be my long trade entry / 1.4165 depending on where market showing reversal sign.
Close long position with a profit of 260+ pips. Next !!!
Trade active: Entered long at 1.42170
Comment:
snapshot

spotted another harmonic pattern on 4 hours chart. Another confirmation of upside movement for GU. The D leg of this pattern coincide exactly on the resistance zone. Potential area to close long position, but still need to depends on how the market react ...
Good luck :)
Trade closed: stop reached: lose 97 pips :)
Next !!!
i messaged you.... im trying to link up with you!
Reply
LeeFuGuo mzdannie
I didn't receive any message from you. Probably u send again ? And anything I can help u ?
Reply
mzdannie LeeFuGuo
Yes I would like a further explanation of your graph of you can explain.... especially since you said a reversal will occur at 1.42240. When would the next reversal come?
Reply
LeeFuGuo mzdannie
I said my long entry will be on 1.4224 or 1.4165 depending on where the market showing a reversal sign. Market just went through 1.4224 without any reversal sign and it reversed around 1.4171. But I missed the entry so I entered the market at 1.4217.
These number all from the harmonic pattern. At the 2 level I stated above is the completion of harmonic D leg. So I would expect a reversal from these 2 level. And my SL will 100 pips below D leg. If market going down further, this Bullish bat will not be valid anymore.
Reply
Dear Lee Fu Guo,

"SL moved to breakeven ... Preserve your capital is always the "must" thing to do in trading :)"

Why not use trailing stop instead of moving SL to break even point.
Reply
LeeFuGuo EmotionalTrader
Trailing stop will only be use when the price entered 1.466 as the market will reversal anytime in that range :)
Hope it do help and answered your question :)
Reply
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