Trade77; GBPUSD Head and Shoulders 7pm

Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.

Cable increased at last against the Greenback as I expected before, have a look at the weekly chart below, there is a possible H&S pattern on this timeframe:

This pattern shows that price might reach 1.6000 level again before considering to plunge again and break 1.5350 neckline. Also we have got another H&S pattern in the daily chart which you can see it in the figure below:

This is a down-sloping H&S pattern and I said this because of the down-sloping neckline which is trendline #2 in the chart above. Trendline #1 has connected previous two shoulders and now price is going to retest that trendline at around 1.5800 price level.
So watching for a possible short setup here would be good as we have got a bearish gartley pattern in the four hour timeframe too:

But have to note that beware of that long daily bullish candle and any selling action here needs confirmations. Despite of this Harmonic pattern I would rather prefer to go short higher around 1.5800 at the retest of that trendline. Price might retrace some and reach 1.5660 before putting on the accelerate pedal and go higher.

Make sure that you are following me on twitter so you can be informed of any trade calls for this pair and if you found this post useful let your followers to read it too, so please retweet this article with the button above of the article.


  Copyright secured by Digiprove © 2011

The following two tabs change content below.
Winners Edge Trading was founded in 2009 and is working to create the most current and useful Forex information and training available on the internet.

Winner’s Edge Trading, as seen on:

Winner's Edge Trading in the news

  • Anonymous

    As I said before I like critical comments as I believe that a man who seeks the limelight should not be concerned about adverse comments but should be concerned about not writing any words about himself.
    For answering this comment I just wanted to say that just read my article! all answers are there.

  • gggggg2

    🙂 I am agree with you Mani, what his problem really? I don’t understand what he got to lose? O… maybe…
    Many people envy your analysis, so they put comments like that 🙂

  • Thanks for your concern GGGG but if you saw how much spam we deal with then you will understand why we moderate comments. If you have a real comment we will post it.



  • Anonymous

    Here you should know that we have moderation phase because of spams and spammers!

  • Anonymous

    I didn’t understand what exactly your problem is! what is advertising? and what is third party analysis?!

  • ggggggg

    comment must be approved first befor appearing ? Are you afraid that someone comment something that is not good for your third party analysis?

  • ggggg

    Casey, If you have your own analysis that is fine but reading third party analysis I am not interested anymore…too much advertising (“Ok we will not ask you again”…all the time?