GBPUSD - Bullish with decent R/R

Looks like a Flat but may be a Triangle also.

Flat : Target 1.3299 (100% Retracement)

Triangle : Target 1.3068 to 1.3170 (61.8% to 78.6% Retracement)

STOP : 1.2694
For a more conservative stop, use 1.2662.

Note

Price went up as expected, +120pips already !

** Notice :
Forgot to show the impulse count.

In case of a Triangle, price will go higher in an impulsive wave, without going lower than wave b (if it's in place).

In case of a Flat, price has 2 possibilities to move higher, as an impulse or as a diagonal.
Because price went up to 0.3170 and because flat usually stop around wave A high, I expect this move to be an ending diagonal.
But it can also be a an impulsive wave going to 1.618% wave A, which is why wave A high is my first Target and not the only one.

Note

Wait for a pullback before entering if you didn't already

Note

The pullback for a new entry came but beware, GBP is quiet volatile for the moment because Theresa May is trying to convince her people to approve the deal that was made yesterday between the UK & EU negotiators.

It's been 4hours now since the beggining of the assembly.
If the outcome is not good, expect cable to go lower.

Therefore, moving my SL to break-even.

Note

The governement gives green light to Theresa May for the Deal.
GBP going up !
Tomorrow she will give details to the cabinet.
Keep an eye on it.

Note

Stop loss was moved to break-even, so we got ejected out of the trade.

But the Bullish count(s) remains still valid as we could be in a Expanded Flat, where wave B retraces more than 100% of wave A.
For that to be the case, price needs to ideally hold above the 1.382 level @ 1.2733.

This means we have a better Buy opportunity in hand here.

This deeper retracement also gives moreweight to the ((a))((b))((c)) correction
and less to the impulsive waves count.

Trade Setup :

* Entry : market price, currently 1.2787
*Target : - Flat : 1.3299 (100% Retracement)
-Triangle : 1.3068 to 1.3170 (61.8% to 78.6% Retracement )
* STOP : 1.2694

Note

Note : This Sell off was due to many UK officials resigning and the Vote of No Confidence introduced for PM May

Note

Note 2 : You can use 1.382Fib Retracement as a Stop also.

Trade closed manually

Stop moved to break-even.

Trade active

Trade still active ! Just moved Stop to break-even.

Trade closed: stop reached

Nothing lost, Stop was at Break-even.

ElliottWaveBelgium

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ElliottWaveBelgium