GBPUSD Short opportunity

Overall Bias - Bearish from a Daily point of view
Confluence of 2 Bullish Cypher Patterns to complete on Point D (Possible TP areas) and 1 Bullish Butterfly Pattern to complete on point D (Another TP area)
Price is within a bearish pennant further confirming potential bearish move upon breakout to confirm harmonic patterns

Commentaire:

Price is currently retracing to .382 retracement level which will coincidentally converge with Daily bearish trend line and 200 SMA - Price is about to rally downward.

If you missed the breakout of the bearish pennant, then this is a good time to enter positions.

Price will eventually move downward towards Purple Cypher Pattern Point D which is a previous support level (Point X of Green Cypher Pattern and Butterfly Pattern).

Commentaire:

**First TP is Green Cypher Pattern Point D (not Purple Cypher Pattern Point D)

Commentaire:

First TP at Green Cypher Pattern Point D already reached. If you entered from the break below of the bearish pennant as advised, you are already have 87 Pips in profit.

Price is still in a strong downtrend as shown by ADX which at 46. We are close to hitting 2nd TP at Butterfly Pattern Point D where we'll close and cash in profits at around 137 pips.

Happy Trading! Let me know your thoughts.

Commentaire:

Price already at major support area. Good idea to cash in profits.

2 TPs hit.

Trade fermée: cible de profit atteinte

Commentaire:

Surprsingly, price still managed to break below a major support line after a brief period of consolidation to hit the D point of the Bullish Butterfly pattern right on the dot!