Hi, on the 17th November in the members area and subsequent live training sessions, I showed how there was a potential 900 pip flag pattern developing on the Gbp.
I explained how you could use that information to start building a position in the Gbp and why.
I also explained (and again last week) that if the Gbp surged upwards I expected it to stop at 1.3500. So did it work? TO THE PIP!!!
Did it stop where I expected?
Well ok it went 12 pips further before dropping 🙂
Forex charts are supposed to be completely random and there are mathematicians who have spent a great deal of time and money “proving” that theory and yet for over 10 years here at FMP we regularly get it right, in advance and often to within a handful of pips.
Trend line breaks, triangles, head and shoulders patterns, flag patterns, often dismissed as mumbo jumbo, but the proof of the pudding is that more often than not they work. If you add to that some fundamental knowledge so that you have multiple reasons to take a trade and somewhere to place your stop, you are half way to becoming a consistently profitable, successful trader.
WIth the Gbp flag pattern I combined that with my understanding of UK politics and my bias that Boris Johnson’s Conservative party would win. Yes there was some hesitation on my part some days, but I was convinced that Corbyn was unelectable and that proved to be exactly the case.
Here is a short video showing my original plan and the result:
To see full screen, click the square to the left of the bottom right-hand corner.