Monday morning trade for GBPUSD on M15 Long

FX:GBPUSD15

British Pound/U.S. DollarFXCM

Description

⋅ May 22, 2016 9:14 AM

M15 deep crab. The GBPUSD is still an uptrend and I feel this is a good trade to take on Monday AM>

Trade active

⋅ May 23, 2016 3:32 AM

I have switched this pair to breakeven at 1.4495.

Trade closed manually

⋅ May 23, 2016 7:17 AM

Exited trade with 5 pips

Comments

Amshu

⋅ May 23, 2016 9:24 AM

Well spotted! GBP went through an uptrend against USD, EUR, JPY and AUD this morning. Do you think this was driven by any fundamentals?

Snehath

⋅ May 23, 2016 2:02 PM

Hi - I dont look at fundamentals and just focus on harmonics.

marcus1983

⋅ May 22, 2016 9:41 AM

Is there any harmonic pattern on higher time frame? Because on M15, the bear don't appear to have lost momentum

Snehath

⋅ May 23, 2016 12:51 AM

No other pattern but I am long on this now.

marcus1983

⋅ May 22, 2016 9:38 AM

Let's see if the bull will engulf the bear or the reversal

marcus1983

⋅ May 22, 2016 9:36 AM

Without using fibo, i noted this chart on friday afternoon. It really seemed like harmonic pattern and double top pattern is clear. So, shorted GBP/USD on friday afternoon

marcus1983

⋅ May 22, 2016 9:33 AM

I have short position ongoing. So based on this crab pattern, price will reverse upwards? Based on trading rules of deep crab, at wat price would price action prove this crab pattern invalid to take trade?