Spike and Ledge on the pound

12 May 2021

Spike and Ledge pattern is my favorite. You have a huge run up in price then some nice consalidation. Your first entry can be a limit at the pivot of where we started moving sideways with the stop above the high/low. You can put a second order on at the bar that closes beyond the conslidation. I use the the extremes of the candle for my entry and stop loss. Your target is either S/R or a gap. This offered a 7 to 1RR

12 May 2021

Not

Guys this pattern plays out all the time. Its amazing to mark as a S/D zone and watch how price respects it. Even when price breaks it it will normally retest it. These are now the bread and butter of my trading. Lots of money to be made.

13 May 2021

Not

I closed both trades. Price made 5 waves down and bounced at resistance turned support and was the 50% fib. To much confluence.