Using 2 targets here but I would have 3 positions open with the 3rd using a liberal trailing stop. Strong resistance in blue was found using session volume profile of a previous longterm consolidation.
The final leg has also formed a very nice 1.00AB=CD which hopefully increases our odds. I like those stoch crossovers as paired with a little divergence. I am pretty confident about this trade. Will use 3 positions; 2 targets and 1 trailed position.
Hello Trading View Community,
This pattern is an AB=CD, the legs are a bit past 1.00=1.00 but that happens. I'm typing a bunch of basically filler because I was reprimanded for having posts that were too brief by a moderator. I have more success with the AB=CD pattern than probably any other pattern so much so I'm considering switching to trading the pattern...
So as I see it there is a possible reversal of GBPUSD's long rally. I am hoping to get the call right and have the dollar turn around. My stochiastic is also adding to my decision with a crossover and divergence. I'm still working on my stop size. But there are 2 targets on there.