I'm setting up a long trade on GBPUSD based on a 3-hour chart using Elliott Wave analysis. The chart shows the completion of wave (4) and the beginning of wave (5) with a potential upward move.
My entry point is around the current price of 1.2763.
I'm targeting the following levels for wave (5):
- Target: 1.30494 at the 1.618 Fibonacci retracement level
I'll place my stop loss slightly below the recent low of wave (4) to manage risk. As the price approaches the target level, I'll adjust my stop loss to secure profits. This setup aims to capitalize on the anticipated upward move in the Elliott Wave sequence.
My entry point is around the current price of 1.2763.
I'm targeting the following levels for wave (5):
- Target: 1.30494 at the 1.618 Fibonacci retracement level
I'll place my stop loss slightly below the recent low of wave (4) to manage risk. As the price approaches the target level, I'll adjust my stop loss to secure profits. This setup aims to capitalize on the anticipated upward move in the Elliott Wave sequence.
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Disclaimer
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.