GBPUSD Bullish (Elliott Wave Buy)
Updated
Buy Sterling with a Take Profit target in the Brexit ICT Liquidity Zone
Entries
- Buy 1.3260 and TP 1.3600 (Reward:Risk of 2.38:1)
- Buy 1.3255 and TP 1.3600 (Reward:Risk of 3.2:1)
Intermediate targets would be 1.3345 and 1.3410
Look to phase in a 3x reversal below 1.3115
Rationale;
1. Elliott wave setup as per chart
2. Support/Resistance Flip ties in nicely with a 76% retracement of XC
3. RSI and MACD while negative point towards further falls (into 1.3150)
4. GBP sentiment has been negative post Brexit so highly likely there are Buys Stop orders above 1.3450 which may come into play in coming sessions
Entries
- Buy 1.3260 and TP 1.3600 (Reward:Risk of 2.38:1)
- Buy 1.3255 and TP 1.3600 (Reward:Risk of 3.2:1)
Intermediate targets would be 1.3345 and 1.3410
Look to phase in a 3x reversal below 1.3115
Rationale;
1. Elliott wave setup as per chart
2. Support/Resistance Flip ties in nicely with a 76% retracement of XC
3. RSI and MACD while negative point towards further falls (into 1.3150)
4. GBP sentiment has been negative post Brexit so highly likely there are Buys Stop orders above 1.3450 which may come into play in coming sessions
Comment
Typo Correction.Entries are;
- Buy 1.3260 and TP 1.3600 (Reward:Risk of 2.38:1)
- Buy 1.3225 and TP 1.3600 (Reward:Risk of 3.2:1)
Comment
1.3346 achieved at yesterday's London CloseTrailing Stop Loss Moved to Break Even
Cable currently trades 1.3290
There are bids in the 1.3290-3270 zone. Should these fail we likely see a move down to 1.3220 area
Trade closed manually
Trade closed at break-even (1.3260)Trade active
1.3150 not broken. I still like this setup.Buy 1/2 position at 1.3175
TP1 1.3250
TP2 1.3600
3x reversal below 1.3115
Comment
1.3140 holds (for now at least). Its the lower level of my Support/Resistance flip.My understanding of Elliott Wave theory is that the low of the 4th wave cannot violate the high of the 1st wave. With experience I have modified the rule to consider the high-low range of the bar that forms the high of the 1st wave.
Trade closed manually
TP1 of 1.3250 hit1/2 of position closed
Trade closed: target reached
1/4 position Buy@1.3175 and TP at 1.3250 = +18.8pips1/4 position Buy@1.3175 and Stop Loss @ 1.2985 = -47.5pips
3/4 reversal Sell@1.3150 and TP @ 1.2985 = +123pips
Total +18pips-47.7pips+123pips = 93pips
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.