GBPUSD - SIMPLE CHANNEL TRADE

I will short on retest of upper trendline...my target will be bottom trendline, if price breaks up above trendline I will be a buyer to 1.35 area....

Many of the GBP pairings appear to have already reversed but there are a few more we can pick up on Monday/Tues

Comment:

Maybe not simple!!!

One thing for sure is we get a correction...

I will enter 2 short trades , I will take profit at 0.38 fib .131602...

then let the other position run...hopefully to bottom of channel....then buy to complete a butterfly pattern

Trade active

Trade closed manually:

took small profit...will reenter short at 1.33368

Comment:

correction 1.33438

Comment:

Im still with this idea. the breakout of channel is false and just appears as a spike on the daily chart..GBP's rally is wearing out, already reversing VS AUD which is a trade that is in profit, I will attempt another short when I see a right shoulder to balance the left side....

Comment:

Shorted at 1.335

I will watch price action on this one....to take profit

Comment:

Potential Bullish Cypher so I will take profit there as dollar index looking weak, 8:1 risk reward as tight SL , must break the support trendline first , if not then its a break even trade,

Trade closed manually:

made profit...closed trade as looking bullish support line likely to try a double top and could be a bullish breakout....

Comment:

I will buy on retest of trendline...This has one more leg up to make a head pattern around 1.34668 ...1.35...

Comment:

Order cancelled:

cancelled this trade ....DXY may have a bullish butterfly.....expecting possible negative oil news which will fulfil the butterfly pattern and strengthen dollar...weaken GBPUSD further...expecting dollar lift to be shortlived if if fulfils this pattern....then I will buy GBPUSd until DXY retrives to its trendline (94.50)

Comment:

Nioe opportunity for GBPUSD lies ahead

Either long on support channel and completion of this bat pattern...or short pullback...or both !!!