The set-up isn't there yet, but it may come soon and the success odds of at least a break even trade (setting stop to break even after price moves 1 or 2 stop levels in favor of the trade) are better than 1 to 1, IMO.
Stop above major resistance, targeting major support.
First the pair should retrace up to .618 retracement level which is also the neck line of previous double top. My previous idea still valid and this one is the next expected move if we hit our previous target. Then we short it from there. Your ideas and comments are most welcome.
Ok TradingView Crew, here is a nice 2.618 trade setting up on GBPUSD and before you start asking me a bunch of questions make sure you've watched the training on this trade. I lay out all the rules and it's totally free. tradeempowered.leadpages.net
After double topped, the kiwi made a strong break down and now it retraces to 618 area, which could be a nice selling oppurtunity with two potential targets and stops above the double top - as it is written above.
Made an aggressive entry this morning @0.8625 hoping this Cypher pattern to unfold... The double tops also suggest
a possible 2.618 setup for further proof downside. For now I need to see break and close below 0.8607