FX:GBPUSD   British Pound / U.S. Dollar
This trade was originally brought to our attention this weekend in Jason Stapleton's Forex Market Preview video "Studying Harmonics" ( https://www.youtube.com/watch?v=SirRW2UwpBw&list=UUe3O5ZLxQzGz4-nfl6XLEHQ ) As I take a look at it today price action (after creating a LLLC) has retested the previous level of support which should now act as resistance.

In addition to the structure level we also have a Fibonacci ratio cluster of retracements and an inversion. Lastly, we have hidden divergence on the RSI which is a sign for trend continuation. Of course when I say a sign, it doesn't mean it will happen everytime, but it's something that we can add to our score when breaking down this trade.

Akil Stokes
Head Currency Trader at Trade Empowered
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Bearish from here
Akil mate, took a short on channel top, 2 pos. 56768 and 56745. Cheers
-1 Reply
with the trend being bearish if we can hold below 1.5683 i am waiting for a double top on the 15 min chart @ 1.5678. Which lines up with an 0.886 retracement.
+1 Reply
Akil_Stokes PRO Siyabonga_Ngcobo
That looks like an excellent opportunity to get in. It'll be at a much higher level then from when i got involved
+1 Reply
vikkwest Siyabonga_Ngcobo
Thanks for that, entered @1.5685 and closed @1.5652 for 32 pips profit. Still going down, but I didn't want to get greedy. Great start to the morning so far :)
+1 Reply
well done, and sticking to your plan for targets and not geting greedy is always a good thing
For those of you in the Live training this morning, this pair is now exhibiting a perfect example for a potential to add on to the position if we can get an entry reason and not break & close above our outside return
Keeping it simple. Best way to find entries. I like your chart.
+2 Reply
Thanks you.
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