GBPUSD

Pending long.
SL : last low
TP : 1.35 to 1.38

Note

Price is now at support, if it holds, I'll go long and add to my position on TL and MA break

Note

Long position opend @ 1.271
Added on MA break.
SL below last low at first but now at break-even so it's now a "free" trade.
On pullbacks, if no new lows are made you can add to your position.

Note

Make new entry on pullback at ~1.283. (Use limit orders if you want)
SL at low.
First Target around cup lenght ~1.297
then 1.35 to 1.38.

Note

Support zone is also at the 0.236 Fibonacci Retracement level.
Price might have a hard time breaking trough.

Order cancelled

Well, price did not retrace enough, it went back up after a shallow retracement to the 0.236 Fib level so no new trade launched.
Broke trend line form the 17april high by a little.

Price touched 0.382 Retracement lvl of previous bearish move.
Divergence occuring and price in oversold area, price might turn soon.
But might go up to 1.296 to 1.30 first before doing so.
If no clear break occurs, price might directly fall to the usual Fib lvls.

** Anyway, for now, just wait for a pullback before looking to buy.

Note

Chart with wave count and retracement.

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If alternative count is right, price will go to the 0.382 extension before retracing the whole upside move.

Note

All entries giving great results (+1110pips for the moment)
Think about taking some profits now, as divergence building.
* Moved SL of all entries to 1.31 and using Trailing SL.

ElliottWaveBelgium

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ElliottWaveBelgium