GBP/USD Bullish Cypher Pattern
A long opportunity for GBP/USD. This long trade might be
risky to enter due to all the economic data yet to be
released this week, so trade it with caution or wait till next
week.
The RvR ratio with stop/loss at ATR 1 = 3.8 and the RvR ratio
with ATR 2 = 1.9 making either a profitable trade. Obviously the
ATR value will change in the days to come, but I used the
current values to get a rough estimate for placing stops.
Note that this pattern is invalid if price closes below 1.3797
Trade Long
Entry: Close above 1.4012 (88.6% of BC)
S/L 1: 1.3916 (ATR 1)
S/L 2: 1.3820 (ATR 2)
T/P 1: 1.4148 (50% Fib level)
T/P 2: 1.4245 (point A) and/or 1.4279 (78.6% Fib level)
T/P 3: 1.4377
As always, scale out your profits along the way and adjust
your stop/loss according to your risk management profile.
Happy trading
A long opportunity for GBP/USD. This long trade might be
risky to enter due to all the economic data yet to be
released this week, so trade it with caution or wait till next
week.
The RvR ratio with stop/loss at ATR 1 = 3.8 and the RvR ratio
with ATR 2 = 1.9 making either a profitable trade. Obviously the
ATR value will change in the days to come, but I used the
current values to get a rough estimate for placing stops.
Note that this pattern is invalid if price closes below 1.3797
Trade Long
Entry: Close above 1.4012 (88.6% of BC)
S/L 1: 1.3916 (ATR 1)
S/L 2: 1.3820 (ATR 2)
T/P 1: 1.4148 (50% Fib level)
T/P 2: 1.4245 (point A) and/or 1.4279 (78.6% Fib level)
T/P 3: 1.4377
As always, scale out your profits along the way and adjust
your stop/loss according to your risk management profile.
Happy trading