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GBPUSD HARMONICS TRADE(LONG)From my harmonic pattern analysis, there is a possible projection for longing in the market. If you feel that my trade is good by all means take it! Please do not place any trade if you are unsure about harmonics as you may not know how to do your risk management, SL, TP. But if you know how to calculate where your stops and take profits are, by all means, go! But I will not be responsible if your trades are losing. So far all of my ideas posted about trades have been 100% correct. I will post where you need to get in but you need to make the effort to see where you need to get out, SL, TP etc... timing for your trades is not my problem, just to let you know. Now, If you have any questions please private message me or write it in the comments below, Thanks ENJOY!
Long
by bilalmehmood8729
DOUBLE DESCENDING TRIANGLE ON 4H AND 1H TF + FUND. ANALYSISLong time no post. I'm currently short at GBP/JPY 4H chart. Fundamentals : In the short-term there is no clear fundamental driver for GBP, but for the long-term outlook Brexit and its development would still be the driver for GBP to go lower. Many analysts predict that Brexit would eventually hit UK GDP and there-fore has a bearish bias on the GBP. This is accompanied by bullish bias on JPY due to recent geo-political turbulence between US and several middle east countries (Syria & Afghanistan). This fundamental combination can lead to a further downward pressure on GBP/JPY. Technicals : As seen on the chart, the desecending triangle on 4H TF has been formed and followed by a break-down. The next triangle (clearly visible on 1H) has been formed and also followed by a break-down, gives a very strong bearish signal. Meanwhile, on the higher TF (daily) price has finally closed below the previous swing low at 136.45 indicating a bearish rotation in the higher TF. Execution : I've already shorted the market at 137.16 when I saw bearish momentum started to pick up before the break-down occurred. Currently my SL is at 137.52 (has been rolled-down to minimize risk) and am shooting for a Target at 130.22. Giving me an almost 20 to 1 R/R Ratio. My plan is to manage this trade as price moves in my expected direction, which means I'm willing to further reduce my risk by lowering my SL according to price action. For you guys who's still flat. You can look to get short at market or waiting for a small pull-back. Hope this one helpful, and fell free to let me know what you guys think. Thankyou. Fedro Christian
Short
by FedroChristian