Bearish on the pound!

Aug 23, 2017

The pound has bottomed last few months with a well defined high and low on a longer term basis. In the short term, there presents
a lot of shorter term opportunities. One of which is to short the near the channel high on the 4hour chart, or you can pick rallied into
short structure and you could also trade patterns. I just saw this Bearish Cypher pattern forming. I dont trade into futures on forex,
but i don't think there is any difference between spot or futures in general aspects.

I am looking to short GBP/USD when the opportunities present itself. Take note that in large range like this, i do not specifically bearish
or bullish. I'd just trade the side where it is convenient for me in terms of risk to reward and shorter term direction. Was i long previously?
Yes i was trading both long and short side. Just keep improving your analysis and somehow you will find some ideals and how to trade it.
Experiences definitely counts!

Aug 23, 2017

Comment

By the way, a similar pattern is forming on the GBP/JPY. If it touches and hold point C i'd present it in a new ideal.