UPDATE #4: GBPUSD: Cypher TP1 HIt (+89 Pips) Will It Hit TP2?

FX:GBPUSD   Pound Sterling/U.S. Dollar
UPDATE #4: Updating my post on "UPDATE #3: GBPUSD: Bearish Cypher & Bearish Crab BOTH Completed" (see Related Ideas)

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 Bullish Shark pattern to look out for should prices get down that far. There's good reason to believe it will as the shark pattern would complete at/near the lower trend line . (see Related Ideas: "GBPUSD: Quick & Clean Analysis - POTENTIAL Bearish Cypher" for the long term analysis on what that lower trend line means and why it's important!). Shark patterns are basically 90% of a 5-0 pattern and contains an AB=CD reciprocal pattern which also completes at the lower trend line .

A shark patterns C point (sharks are labeled O-X-A-B-C with the D point being the ending of the 5-0 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 double bottom low. If this happens, it would be happening right at/near that lower trend line and would signal a longer term move up.

I'm taking only 30% of my SHORT positions off from playing the cypher pattern 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 shark 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 shark .

Good Luck!

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