For my previous post and context about the GBPUSD see link below:
I consider the current price action to be a consolidation of the last bearish impulse. This correction unfolds in the shape of a Flat correction and I therefore don't expect wave C to retrace a lot more than then the length of wave A. This is not written in stone and only a guideline but something to keep in mind when trading this pair.
I like the confluence between -1.272 Fib as well as the recent lows in the 1.315 zone. Wave C should have 5 inner waves and selling out of this 1.315 zone from lower time frames after divergence is what I'll be looking for.
updates will follow
timstuyts.com
facebook.com/timstuyts.com
youtube.com/watch?v=HvmWTm4fcl8
I consider the current price action to be a consolidation of the last bearish impulse. This correction unfolds in the shape of a Flat correction and I therefore don't expect wave C to retrace a lot more than then the length of wave A. This is not written in stone and only a guideline but something to keep in mind when trading this pair.
I like the confluence between -1.272 Fib as well as the recent lows in the 1.315 zone. Wave C should have 5 inner waves and selling out of this 1.315 zone from lower time frames after divergence is what I'll be looking for.
updates will follow
timstuyts.com
facebook.com/timstuyts.com
youtube.com/watch?v=HvmWTm4fcl8
Note
We saw GBPUSD moving higher and now we are in a crucial area for short term price action. If we see a reversal now I will be looking for a sell. I will be looking for divergence signs on lower time frames. I'm however not a buyer here or before for that matter because the first wave higher counted as wave A in blue is not an impulse. This doesn't mean that price can't go higher but it lowers the probability and I like to trade only what's best. I rather enjoy my day than chase a trade. Add to that 1.35. If we move higher price will test that level. So if we see a minor impulse from this area I will wait for a minor consolidation and trade the last part of the bullish move with a smaller stop loss and therefore still trade with a minimum risk/reward of 3/1.Updates will follow.
Note
This is what I like to see for GBPUSD or I let it the potential buy go. The levels are indicative but I really like to see at least a retest of 1.312 before a move towards 1.35 due to market dynamic which is even more important for the Pound pairs as a result of the Brexit referendum.Note
So far so good guy's. We are seeing a bearish impulse in progress at the moment. Let's see whether it settles so we can sell the continuation. Read my original post for context.Have a nice weekend everyone!
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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.