### GBPUSD SHORT
I'm targeting a short position for GBPUSD on the 1-hour chart using Elliott Wave analysis.
The current price level is around 1.28359. I've identified the completion of wave (5) and am anticipating a downward movement into wave (c) of the corrective phase.
My target levels for this downward movement are based on the Fibonacci retracement of the previous impulse wave. The target levels are:
- 0.785 Fibonacci retracement level at around 1.28065
- 1 Fibonacci retracement level at around 1.27706
- 1.618 Fibonacci retracement level at around 1.26675
To manage risk, I will place a stop loss just above the recent high of wave (b) to protect against any unexpected upward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target levels. If the price shows signs of resistance or reversal near the target, I'll consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected downward movement in GBPUSD while effectively managing risk with clear entry, target, and stop loss levels.
I'm targeting a short position for GBPUSD on the 1-hour chart using Elliott Wave analysis.
The current price level is around 1.28359. I've identified the completion of wave (5) and am anticipating a downward movement into wave (c) of the corrective phase.
My target levels for this downward movement are based on the Fibonacci retracement of the previous impulse wave. The target levels are:
- 0.785 Fibonacci retracement level at around 1.28065
- 1 Fibonacci retracement level at around 1.27706
- 1.618 Fibonacci retracement level at around 1.26675
To manage risk, I will place a stop loss just above the recent high of wave (b) to protect against any unexpected upward movements while allowing for typical market fluctuations.
I'll monitor the trade closely as the price approaches the target levels. If the price shows signs of resistance or reversal near the target, I'll consider taking profits and adjusting the stop loss to break even or slightly higher.
By following this strategy, I aim to capitalize on the expected downward movement in GBPUSD while effectively managing risk with clear entry, target, and stop loss levels.
Trade active
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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.
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.