Broadening Megaphone - GBP\USD, four-hour chart

Submitted by ChartSecret.com on Sat, 06/27/2009 - 21:45
in

A nice, clean Broadening Megaphone in the GBP\USD, at the 4-hour chart. A very reliable pattern that produces high-probability trades.

Pattern is 400 pips in size - a plenty of room for trading within the Support and Resistance.

Trading
Long trades will be taken on Support trendline.
Short trades will be taken - cautiously - on Resistance trendline. Beware that this pattern may break upwards, so profit taking should be quicker.
Short trade will be taken after break down of Support trendline, and pullback.