TRADE: GBPUSD: BUY@1.5380 Completed Shark

748 21 16
Posting this trade as a nice pattern trade. A Shark pattern was completed just now and with the GBPUSD             being very much oversold as well as me being VERY BULLISH on it from more than a month ago, it is a good time to buy it. It;s very low risk should it not reverse and go up but continue down (see Related Ideas: "QUICK ANALYSIS: GBPUSD: Two Scenarios It Could Follow"). A good place to place a stop loss would be 1.5300 as a violation of that level could trigger a sell off. But the potential profit for this trade could be very nice.

Also, in my previous post, I mentioned that prices could indeed break below the lower trend line of the larger consolidation pattern and then rise back up leaving behind a false break. This is exactly what I see happening or at least what I am hoping will happen!

Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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majority are short, good time to go long, I am waiting for 1.534 close to last month low, good luck
msalotto PRO NidalDarawsheh
majority are long.. all retail crowd is long GBP and not short.. http://fxtrade.oanda.com/analysis/open-position-ratios
Hi Msalotto, the comment was not technical at all, and it was written on Friday few hours before market close, we were trading around 1.539 and heading south. but that does not matter what really matter is money (managed to catch the wick with 4 pips stop on the 1 minute chart ) what was your views at that time (not now)?
but C>1.618BC.this shark may be invalid
No. C is correct. 1.346. This is a valid shark.
you are probably using the regular XABCD pattern drawing tool to draw your shark. That tool does not give you the correct C point measurement for class 2 patterns (cypher and shark). You must use the "cypher drawing tool" for drawing the shark as well. Also, use the fib extension tool to be sure. You'll see it is valid.
Hi Everythingforex, GBP is testing 1.5322, IMHO. Isn't it?
Current low is 1.5342. Like I said, my SL is at 1.5300. That's why I took this trade. The defined SL is not arbitrary. I chose that SL for a reason. If prices break that SL, then it may very well sell off. But with such a tight SL, the risk on this trade for me is minimal.
GBPUSD has completed a HEAD & SHOULDERS patter.. target 1.4900 min. Looking to sell rallies 1.5550-1.5650
GBP Breaking Head & Shoulder pattern.. min objective 1.4880
Nice chart. See my latest post on this pair, I think you'll like it!
msalotto PRO EverythingForex
I totally agree with ur analysis.. nicely done.. just waiting for the corrective rally to re enter shorts.
Hi, There is also a very nicely hidden Cypher if you shrink the chart a little. X = 1.5327 on the 08/07/15 @ 2pm, A = 1.5690 on the 29/07/15 @ 2pm, B = 1.5422 on the 07/08/15 @ 2pm, C = 1.5819 on the 25/08/15 @ 10am, D = 1.5432 on the 27/08/15 @ 10am. Note that Cypher has completed and price has moved down since but it is still valid since your 1.5330 horizontal red line has not been broken to the downside yet. Waiting to buy too. Your SL is also good for the Cypher in question. My target is about 1.5570 no more on this one unless price action tells me otherwise as it develops.
Better if you post a chart to describe it! You're making my head spin posting all those numbers! Or rather, I'm just too lazy to go and plot it according to your numbers....;-).
lpernetta PRO EverythingForex
Hopefully this will work....
lpernetta PRO EverythingForex
Yep, that's valid cypher. good catch. good for you if you traded it. Hopefully it will work out for you coz' if it does, then my shark will also work out nicely! GL!
Hi again, what are the fib rules for a shark? I have always had problems with that one.
Here you go:
Shark Pattern
lpernetta PRO EverythingForex
Thank you E.F. much appreciated!
What are your limits for this trade?
Please read my post on this trade AND also please read my DISCLAIMER. Thanks!
TRADE: GBPUSD: <span data-href="idea-custom-link" data-href-idea-custom-link="mailto:BUY@1.5380" rel="nofollow noopener noreferrer" target="_blank">BUY@1.5380</span> Completed Shark
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