+600 Pips Profit - Broadening Megaphone in GBP\USD

Submitted by ChartSecret.com on Mon, 07/06/2009 - 17:55
in

Update to the Broadening Megaphone chart pattern posted in June 27th:
http://www.chartsecret.com/content/broadening-megaphone-gbpusd-four-hour...

Price reached resistance, created an Bearish Engulfing Candlestick formation and began a strong downtrend, yielding over 600 pips in profit. The down-slope Moving Average preventing us from taking profits too early in this trade.

Note that price is currently performing a pullback to the Support trendline. In case a candlestick formation will approve - we will enter a short trade.