Fxprotrader

GBPUSD@ High Probability Long Setup Ahead

FX:GBPUSD   British Pound/U.S. Dollar
Last week i shorted GBPUSD             and this trade is been working very well till now. Price is heading towards our initial target but i have already trailed my stoploss for excellent profit. You can see the progress of this setup in the related link below.

Let's analyze now a new setup which looks very strong. Price is moving in a corrective structure into a nice descending channel after a rally which broke a long term resistance level (black trendline). In the channel i have indetified a bullish butterfly pattern with its D point at a very strong support level.

Butterfly's D point parameters:

- It's between 0.618 - 0.786 of the impulse leg which broke the long term resistance level.
- It's at the bottom line of the channel.
- At the same point we can see an AB=CD bullish pattern .
- Looking to previous structure we see a strong horizontal level.

As for profit we can target the upper trendline of the channel although i strongly believe that price can go beyond that and test 0.618 of the major move to the down.

Good luck,

John.
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DenizBartu
a year ago
Where should we go in? Wait for point D?
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Fxprotrader PRO DenizBartu
a year ago
Yes that's right..
Reply
DenizBartu Fxprotrader
a year ago
Thanks
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lijie PRO
a year ago
GBP/USD
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tupaitrader lijie
a year ago
greattt!!
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lijie PRO tupaitrader
a year ago
THANKS
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Fxprotrader PRO lijie
a year ago
You are welcome..
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lijie PRO Fxprotrader
a year ago
THANKS
Reply
Fxprotrader PRO lijie
a year ago
Lijie the chart you posted shows a previous entry, right?
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lijie PRO Fxprotrader
a year ago
i am not sell at 1.5600 i sell last bar
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lijie PRO Fxprotrader
a year ago
I can't say clear MY english not well
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_trader_
a year ago
fantastic work John, I wish I could do this like you. It makes sense tho I can see, so impressive!!! Good luck and hope I might learn more from you, Joe
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Fxprotrader PRO _trader_
a year ago
Thank you for your kind words. It takes time if you want to improve your trading.. I am now working on a new website where i will explain exactly the way i analyse the markets. I will let you know when it'll be ready.. Have a nice day.!
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