Reading the chart After the French election the pair surged higher until it hit a "major" dynamic resistance (reprojected a channel aligned at the 2016-10-06). Now it consolidates awaiting the big news from the UK. As a pattern trader I look for patterns within consolidation with potential to break out. If I loose, I reset and wait for a retest of the broken consolidation zone. Measured from the latest highest low I saw two things: a Shark886 pattern and a Gartley pattern. Both completion points creates a nice potential reversal zone (PRZ) of 3 pips at the most recent higher low. Both patterns share the same stoploss, so it is more attractive to take the entry of the Shark pattern for a better risk:reward ratio.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.