GBPUSD. Cypher pattern completing

We already have 3 confirmation points for a bullish Cypher pattern, which is forming at key support/resistance leves: if price arrives to 1.2954 as expected, it could be a very good level for entering long positions

For now:

Shorts
Entry point: current values.
SL: 1.3460
TP: 1.2954

Longs
Entry point: 1.2965
SL: 1.29
TP1: 1.3140
TP2: 1.3195
TP3: 1.3255

Trade aktif:

Shorted at 1.3306

Komentar:

I think they are trying to shake all people who were playing the H&S setup. The H&S worked quite well in the past but nowadays is very dangerous: market guys are playing very frequently against this setup, hunting stops and buy orders.

If this is correct, we may even see a double top today

Komentar:

Hourly candle has to close below 1.3280. Will add shorts on re-test

Komentar:

Heading to point D. All shorts to breakeven!

Trading ditutup: target tercapai:

Closing almost all shorts, leaving 0.25 lots for a hedge as I enter 0.25 lots long here

Komentar:

Adding longs here. SL: 1.29

Komentar:

All longs to breakeven, eventually we are heading to TP1. Will add more on the nearest correction

Trading ditutup secara manual:

Wonder if pattern has been invalidated... My long was closed on breakeven. I think it is necessary to watch how the day closes.

The waterfall was due to the Foreign Office head message that article 50 will be activated by the neginning of 2017.

Brexit is here, hasn´t gone anywhere and market will use every mention of Brexit to smash the GBP or lift it up.

Komentar:

We are not moving anywhere since days ago... Looks like 1.30710 is a wall right now. Will try tiny longs next week