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,

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
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.!
lijie PRO tupaitrader
You are welcome..
lijie PRO Fxprotrader
Lijie the chart you posted shows a previous entry, right?
lijie PRO Fxprotrader
i am not sell at 1.5600 i sell last bar
lijie PRO Fxprotrader
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