FX:GBPUSD   British Pound/U.S. Dollar
Market sold off heavily yesterday, thanks to BOE Governor. Market closed below key support zone 1.6700. Expect more downside towards next support zone 1.6550-1.6600. This is also the zone where the bullish cypher pattern will complete. It also coincides with 61.8% Fib retracement from the double pin swing low to the highest swing high. This looks to me like a highly confluent, high probability buy zone. Of course, subject to further confirmation via price action in that zone, if price ever reach there.

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It's a nice setup. On an 1hr chart there's an RSI divergence and the price might go up few ticks for a quick trade. To complete the C-D leg of the cyphern pattern it might complete tomorrow since there's GDP news for GB.
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Casey_Yeo MinervaFX
Thanks for letting me know about the coming GDP news tomorrow. Will not do anything on this pair until at least price moves into that zone.
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MinervaFX Casey_Yeo
there's a small jump to the north on the 1hr chart. The RSI was just really oversold after the rally yesterday. Now I'm up 12 pips, but in a long-term I'm watching your pattern closely.
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Beautiful combination of structure and an advanced pattern. Keeping my eye on this as well. Great chart!
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Casey_Yeo Akil_Stokes
Thanks Akil for commenting. Like your openness about your trading in your videos. Keep them coming!
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Simple and powerful thanks casey I loved your chart and loved what you said ( not do anything on this pair until at least price moves into that zone ).
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Casey_Yeo Mazen_alhegili
Thanks TheiDev for your comment. This is my second year of serious trading (i.e. not jumping systems anymore!) and I can see how much more I can make if I can sit on my hands and do nothing when there is nothing to do.
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Me too first year :) but am so glad that we can see other traders charts in this amazing website.
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nice chart setup casey. i cant wait till the tradingview alerts get released so that we can simply add an alert when the price get into this support zone. until then im using http://www.timetotrade.eu for now

also do you know of any good ea that you can use on mt4 for harmonic trading ? thanks
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Casey_Yeo surangadesilva
Thanks for your comment, surangadesilva. For price alert, some brokers do provide the function via their mobile apps. You may google for it.
As for ea on mt4, I personally do not use any ea and so can't vouch for any good ea for harmonic trading. I do know Jason and Akil of Trade Empowered has this Constellation software, which you may check with them.
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Yes i have already tried couple of mobile apps from netdania etc but it's just very basic (i.e: when price reach a certain point or trend line). So if I want to alert me when macd cross + rsi is oversold + bollinger bands go over stand deviation 2 on 1hr time frame to email & sms me it's hard to find someone who provide these type of alerts. so far i have only seen timetotrade.eu doing this but I'm very happy to see that tradingview got this already on beta. so hopefully they will give this for free for pro customers :-)

let me know if you recommend any ebook / article training material etc about harmonic trading cos it really looks very interesting to me. Thanks for sharing
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Casey_Yeo surangadesilva
I will highly recommend watching youtube videos from Jason Stapleton and Akil Stokes if you are interested with harmonic trading. The book by Larry Pesavento (Trade what you see) is also something you want to check out.
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Thanks Heaps for that :-)
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Casey_Yeo surangadesilva
You are welcome! Enjoy the journey! :D
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MinervaFX Casey_Yeo
Yes, I've learned from Akil and Jason a lot. Those guys are a real deal.
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Scu_FX Casey_Yeo
yeah, that's it. kickin' all the useless things out ot the chart and simply pick up chances which are obviously and served on a silver plate to you from the markets. all you have to do first is reading structure. good setup, casey! it's on my watchlist as well. let's see what the GDP data says today :)
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Just to add a nice divergence on your chart
Divergnce !!
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Casey_Yeo Mazen_alhegili
Thanks for sharing. Are you already long?
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first long position was taken at 1.6700, and looking for 1.6650 enter buy from there.
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Casey_Yeo Mazen_alhegili
I see. So your plan is to scale in on a long position. Good luck mate.
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Second long add ;)
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Casey_Yeo Mazen_alhegili
Seems like you got a better price than your initial plan of 1.6650. Sub-1.66 now.
Still keeping my powder dry for this one. Haven't got the signal per my trading plan. Though tempted few times to go long. :)
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ok my last long position will be 6500 :)
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Casey_Yeo Mazen_alhegili
LOL..so three positions? Careful my friend. Nothing is too low; nothing is too high. :p
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Target almost hit. U short in this now?
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Casey_Yeo Sam0101
Unfortunately no. Don't get a signal that fits my trading plan to go short.
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Hi Casey, already in the Buy Zone today, u have any confirmation signal to go Long now
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Casey_Yeo TucKinetti
Nothing yet. Watching closely for price action confirmation (e.g. candlestick reversal pattern to the upside). If this happens when I'm asleep later, then too bad. :)
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RSI still showing bullish divergence even as price has gone lower and into the buy zone over the past week. This pair may just be waiting for the coming Ms Yellen's speech to pop up. I am still patiently waiting for confirmation to go long.
snapshot
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angrybear168 Casey_Yeo
yes agree with level but waiting for confirmation, dollar is bit strong lets see if yellen can reverse that
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TucKinetti angrybear168
dollar has seem com in down before Yellen speak, so what do u think..
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Casey_Yeo TucKinetti
No change in my thought. See my earlier post today above.
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Drilling down into H4 timeframe, market is slowly grinding up after covering the lower end of my buy zone (PRZ) and has formed higher lows. Once market closes above the previous high, which is close to the upper end of the PRZ, I will be on alert to go long with stops below buy zone, instead of X leg.
snapshot
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