Long

Updated

GBPAUD - BULLISH CYPHER BUY AT POINT D

Price has broken the .618 retracement...next stop is the .786 retracement and completion of this bullish cypher pattern...

I will BUY AT 1.69553...should form the right shoulder of inverted head and shoulder pattern..... right shoulder lower than left...still bearish long term...

TP 1.1713
TP 2 1.726

Trade active

I just bought GBPAUD on double bottom formation...TP 1.78

If this fails then the Cypher should work

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I will add to my long position if price makes it to the arrow 0.618 retracement 171.070

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Ive just added at this level

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Its known as a 2618 trade

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Price retraced to a level which is much lower than ideal, we wanted the 0.618 to hold and it went to .8

I will now watch very closely, if this support trendline gets broken I will exit the trade with minimum loss, as it will confirm to me this is a bear flag not a price reeversal..if we can break above the previous high its a reversal....

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I have closed one of my long positions at small profit to reduce my risk.

If price breaks support...I will buy at point D of the bullish butterfly...

Trade closed manually

made a small loss..closed trade on break of support trendilne...this is to much work for a reversal...I will monitor and buy again at cypher completion...

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opened another long...as on 5 min chart...trendline in tact.......small monetary risk on this as its a high risk trade

Trade closed manually

I can't see a reversal today...small losses...win big

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Analysis of why this bat pattern failed to reverse price.......its all in the structure ...all the down move of the pattern was near the bottom..potential reversal point,....trendline and channel then crushed the attempted bounce...

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Analysis of one that worked

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Coming into land on the Cypher at 1.69550.....this is where I will buy...high probabiliy of a good bounce

TP 172.643.....this could be point B on a potential butterfly....which doesnt look good for GBP long term....

Trade active

I was travelling yesterday but luckily caught the entry at 1.69500 as I was leaving......in good profit...Im watching GBPJPY as its running in sync with this and has a more obvious TP as its in a descending triangle channel...im will likely short GBPJPY when its tests the top of the channel...at the same time GBPAUD should be at TP of 1.726....resistance and Iwill close this long and go short...overall GBP still bearish medium term..

Trade closed manually

Taken profit...

Reasons for closing trade.

.618 retracement failed...

although a bounce at .786 ,no guarantee price will bottom @ 786....if it does bottom here , likely to be rejected at trendline....

future trades...

Sell on break of 1.695....sell at trendline ...buy at breakout of trendline

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Its broken up and I see a bat pattern completed on trendline..so I may just buy at support , point C as we have a support trendline

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Price is stuck in channel...unless it closes the day above 1.695...the .786 fib has failed and next buy point is the 100% tetracement at 1.67180....of course I will try and get in on a short if the opportunity arises with a pullback to top of the channel...

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both recent short opportunities have come in the middle of the night !!!

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Im long from 169.500 on a pullback....

looks like a head and we will finally break the trendline...buy on retest of trendline...my TP 1.72600

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Im seeing an ABCD impulse upto 170600 resistance and completion of a bearish butterfly..then price should test support trendline...(previously resistance)

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