nice idea. I had identified the wedge pattern too. The target for the pattern based on my trading rules is a bit below the 0.5 retracement but I will take that level as a target due to structure.
This could be another scenario if the 0.5 retracement is blown through
do you think it has any possibility to test the lows around 1,49?
akhostov
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don't know if your question was to me or ForexTools since this is his page. If it was to me then, my answer is that could be a possibility. Written in the text of my idea, I wrote that if GBPUSD doesn't the PRZ or the structural support around 1.5, then we could see a continued bearish trend (which we have seen for awhile) to around 1.48 (support level -- check the daily chart).
danndc
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thanks for answering, it was for you/both.
do you think that we made a top at 15479 or we could go higher? it is reasonable to set a TP at 1.4850?
akhostov
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don't know. Based on how I would trade a potential downtrend, I would wait to see a break of the support around 1.5 then go in for a bearish continuation. I would probably be late to the crowd, but that is how I would do it. always being consistent with your trading = consistent profits
But then again, we could see a bounce back up either at the level ForexTools has identified or at the Bullish Cypher pattern completion that I identified. we will just have to wait and see what the market will give us. patience is the key ;)
akhostov
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actually the level that I would see it fall down (1.485) is the same level that ForexTools identified and sent you. look at the chart he sent. The 1.485 level is basically that red dotted line.
Daniel.B
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As always very nice clean charts bro, well done! =)
ForexTools
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Thank you !!!
danndc
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do you think there is any possibility for this to go down and test the lows? i saw you drew a dashed arrow
This could be another scenario if the 0.5 retracement is blown through
tradingview.com/v/OOKt7SpN/