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UPDATE: GBPUSD: Shark TP1 & TP2 Hit (+182 pips) + 5-0 Completed

FX:GBPUSD   British Pound/U.S. Dollar
This bullish shark pattern has hit both it's profit targets. You might notice that the TP1 for a shark is at 50% and not the usual 38.2% retracemernt. This is because a shark is part of the 5-0 pattern and the D point of the 5-0 pattern sits at the 50% retracement level. However, you are free to take profits at the 38.2% level of a shark pattern if you wish. Trade according to your own plan and risk tolerance.

If you are only playing the shark, time to take your profits. However, as in my previous analysis on this pair, I am expecting that this up move is just the start of the large wave C up trend to complete the ABC corrective wave. So I am personally holding onto my FULL Long positions per the wave C. Anyone who took this trade must do what your own plan tells you to do.

As of this posting, prices had reached and exceeded the 50% mark which completes the 5-0 pattern. As I mentioned in my post on this, this 5-0 pattern is a bearish one. But depending on which way it goes from here, we can have a regular 5-0 pattern and prices will go down or we can have a "failed" 5-0 pattern in which prices will go up. Either way it goes, it should go for a while. Such is the nature of the 5-0 pattern. Right now, prices are lingering around the 50% level. This is what I said I needed to see in order for a "failed" 5-0 to occur. If prices remain around this area and just consolidate for a bit, it gives more confidence that prices may continue higher.
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farid_ardavani
a year ago
fortunately i was in that trade !
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