Hello,
Triangle formed at a resistance. Noticed a break with a potential re-test to the downside:
Break turned to be false, pushed to the upside. Price re-tested the support shot back up however fell beneath resistance?
I intended to buy at a candle close above the initial break up so i put a pending order over night.
Does anyone have any idea of what we could see next? Also was my chosen stop correct?
PipProphet.
Classic TA theory says price exits a triangle in the same direction it entered.
That doesn’t answer the question of what price will do now that it HAS exited the triangle. I think the triangle you show has expired as a pattern basis for trading. They’re not something I bother searching for for trades.
‘Classic TA theory says price exits a triangle in the same direction it entered’ i’ll remember this.
Average Monthly ATR is more than 100%, i would be more inclined to short GBPUSD next week. Nevertheless, at present, price is still trading above current weekly candle open and logically speaking should be poised to form a close up candle by week end. However, today is Friday, and i have a nickname for Friday AKA profit-booking day. Immediate momentum is bearish and price is trading below daily pivot level. Due to my higher risk appetite personality, i’m taking a risky trade by shorting GBPUSD right now. My stop loss level is set at your pending buy stop level of 1.25301 .
By the way, i think your TA is all right. It wouldn’t be wrong to buy at a candle close above the initial breakup. But more strategically, you must be able to answer 2 important question,
Thank you for this. Regards, to your risky appetite i just shorted the pair too, however entered a lil early and i’m on a demo account. I re-evaluated my analysis and came up with this:
As you can see the resistance was broken, then price rallied to what i have now called a ‘true-resistance’ (some may call a supply zone), broke the ‘resistance’ on the way down, re-tested the resistance and now looks to be falling!
If i never entered early, i would have waited for red candles to engulf that large green candle (even though where i entered is where i would of i had waited).
Let me know what you think.
PipProphet.
there are buyers at that 4 hr fib support, u can see that in the bids coming(wicks on increased volume and despite the effort to push down,u get a bullish reaction) in at those lower prices(lower prices atract buyers and high prices attract sellers). i personally i d expect a range to happen, cos u have sellers at top and buyers down there, so i ll let it sort itself out and see during the consolidation if there s more buying coming in(signs of accumulation to go long) or distribution( building short positions) and u can realise that by looking at where the high volume points are, at the top or bottom of the range. hope this helps cheers
Watch discussions on the sidelines in NY next week, get to learn even a little of how current affairs can affect price:
As far as i can see on your chart, this is clearly an uptrend, there are only Higher Highs and Higher Lows, in an uptrend, we look for support level to cut loss. It is very risky to short into an uptrend. No reversal of trend yet.
Just look at the Daily candle, it is making new Higher Highs almost every single day! What is your basis for price to fall till 1.23xxx level?
By the way, below are my 2 short GBPUSD trades, i just downgraded my stop loss level to 1.25021 .
20 Sept 2019
2355HR SGT
Symbol : GBPUSD
Action : Short
Lot : 0.01
Open : 1.24851
Target : 1.24699
Stop : 1.25301 (edited to 1.25021)
20 Sept 2019
2356HR SGT
Symbol : GBPUSD
Action : Short
Lot : 0.01
Open : 1.24851
Target : 1.24529
Stop : 1.25301 (edited to 1.25021)
Your initial TA is more valid than your re-evaluated analysis. Please do not be easily influence by others. I think you got swayed by my short trades. Stick to your own TA and what you have come to understand about the market from your own research, and never follow blindly what other trader does. I’m quite a discretionary Highly risky trader by nature and can be quite ambiguous at times.
Hello,
Hope all is well.
The trade is going in my bearish favour, nearly at a TP:
My re-evaluated analysis was correct…
We are just lucky, price could have easily gone up too.
Let’s not trade off ‘luck’ let’s trade off certainty. But i hear you…
By the way, i just made the following trade, thought you might be interested.
23 Sept 2019
2214HR SGT
Symbol : GBPUSD
Action : Long
Lot : 0.04
Open : 1.24185
Target : 1.24301 (hit target!! 
)
Stop : 1.24049
Wicked, only thing is i’ll be holding this for a few days until it hits my first take profit and then i’ll move my stop to where i sold for a free trade basically.
Let me know how your trade plays out.
Hit me on telegram if you like, faster replies and we can talk trading there 
Just hit target!!
You might want to book some profits for your GBPUSD trades… 
In case you are wondering how i enter that trade.
I use 2 proprietary indicator that i found on the internet and did one quick scalp trade.
The internet is littered with tons of useful proprietary indicatiors. Question is how do we use it? That will require lots of screentime and backtesting on the user part. Use it wrongly you lose, use it wisely and you profit.
Arggh… miss the boat! GBPUSD 4 star blue box. GBPUSD immediate strength still bullish.
