I'm setting up a long trade on GBPUSD based on a 4-hour chart using Elliott Wave analysis. The chart shows that wave (4) of the corrective sequence has completed, and I'm anticipating an upward impulse in wave (5).
My entry point is around the current price of 1.28050.
I'm targeting the following levels for wave (5):
1. First target: 1.30860 at the 1 Fibonacci extension.
2. Final target: 1.32929 at the 1.618 Fibonacci extension.
I'll place my stop loss slightly below the recent low of wave (4) to manage risk. As the price approaches each target level, I'll adjust my stop loss to lock in profits. This setup aims to capitalize on the anticipated upward movement completing the Elliott Wave impulse sequence.
My entry point is around the current price of 1.28050.
I'm targeting the following levels for wave (5):
1. First target: 1.30860 at the 1 Fibonacci extension.
2. Final target: 1.32929 at the 1.618 Fibonacci extension.
I'll place my stop loss slightly below the recent low of wave (4) to manage risk. As the price approaches each target level, I'll adjust my stop loss to lock in profits. This setup aims to capitalize on the anticipated upward movement completing the Elliott Wave impulse sequence.
Trade active
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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.