Wow GBPUSD
Wow, as soon as I mentioned the massive head and shoulders pattern on the weekly GBPUSD, price touched the neckline at 1.9400 and then turned around headed right back up about 400 pips! I was able to secure some of this move up, but not as much as I would like, it moved much faster than I was expecting. Now this pair has tested the down trendline from the top at 2.0400, then it blew right on through it like an elevator ride. Since this pair has had very little retracement after all this up movement I am expecting price to at least retrace down to retest this same trendline, that would bring this pair back down to around 1.9780 area. This will be a nice place to buy, placing the stop loss below the trendline.Â
Meanwhile my AUDJPY trade worked out very nicely, I took profit at 103 for +210 pips. Took about a week or so. Now I will wait for this pair to retrace back down and look for another possible buy. Maybe next week..Â
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