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the_pipcartel
Mar 7, 2020 9:53 AM

#GBPUSD Institutional trading plus harmonic pattern Short

British Pound/U.S. DollarFXCM

Description

GBPUSD has had a bullish week, after doing a false breakout of frequently tested support level at 1.287 zone. Price went bullish afterwards towards 1.306 zone which is also a level tested multiple times, serving as resistance.

Expecting price to do a fake-out, triggering the D leg of a bearish Cypher pattern also aligning with imbalance fill. taking my entry at 1.3105 with a risk/reward ratio of about 2.5. taking profits at institutional fake-out candle (cartel candle) and entering for a long position to clear out liquidity at Equal highs.

Trade closed: target reached

First target hit, now we taking a long position.
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