As I'm writing this, TP1 was hit to book +89 pips profit. At this time, PA looks good to hit TP2 as I am expecting more downside to this pair. In addition, I've added a POTENTIAL pattern to look out for should prices get down that far. There's good reason to believe it will as the pattern would complete at/near the lower . (see Related Ideas: "GBPUSD: Quick & Clean Analysis - POTENTIAL Cypher" for the long term analysis on what that lower means and why it's important!). patterns are basically 90% of a pattern and contains an reciprocal pattern which also completes at the lower .
A patterns C point (sharks are labeled O-X-A-B-C with the D point being the ending of the pattern) is a .886 retrace of the OX leg. This point also happens to be a 88.6% retest of the near-term lows. Many times, when prices retest a low, it will often hit 88.6% before bouncing possibly putting in a low. If this happens, it would be happening right at/near that lower and would signal a longer term move up.
I'm taking only 30% of my SHORT positions off from playing the and leaving the rest to hopefully hit TP2. When it hits TP2, I will take another 30% off and leave the remaining 40% to hopefully fill the pattern. At which time I will close all SHORTS, take profit and look to open LONG positions. Of course, I've already moved S/L to break even so this is a no-loss trade from here on out. After prices hit TP2, I will then use a trail stop for the remaining 40% of my positions bagging profits along the way down towards the .
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Year-to-date Profits: +5,794 pips.
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