GBPUSD - Set and Forget
Elliott Wave Count:
Wave 1-3: The impulsive movement upwards is clear, with Wave 3 being the most extended.
Wave 4: A corrective phase, consolidating near the support level around 1.31000.
Wave 5 (Projected): The anticipated upward move, targeting the 1.34024 resistance level, which marks a key zone for the completion of the Elliott Wave cycle.
Key Levels:
Support Level (S1 H4): 1.31000, marking the bottom of Wave 4.
Resistance Levels (R2 H4): 1.32660 and 1.34024, representing potential targets for the projected Wave 5.
Confirmation (Buy Stop): Set above the trendline break at 1.31300 to confirm the upward move.
Entry Strategy:
Buy Stop Order: Place a buy stop at 1.31300, slightly above the current price to confirm the breakout of the corrective phase and the start of Wave 5.
Target:
Take Profit: Set your take profit at 1.34024, which is the upper resistance level and the projected completion of Wave 5.
Stop Loss:
Stop Loss: Place your stop loss just below the support at 1.31000 to protect against any false breakouts or downward continuation.
Wave 1-3: The impulsive movement upwards is clear, with Wave 3 being the most extended.
Wave 4: A corrective phase, consolidating near the support level around 1.31000.
Wave 5 (Projected): The anticipated upward move, targeting the 1.34024 resistance level, which marks a key zone for the completion of the Elliott Wave cycle.
Key Levels:
Support Level (S1 H4): 1.31000, marking the bottom of Wave 4.
Resistance Levels (R2 H4): 1.32660 and 1.34024, representing potential targets for the projected Wave 5.
Confirmation (Buy Stop): Set above the trendline break at 1.31300 to confirm the upward move.
Entry Strategy:
Buy Stop Order: Place a buy stop at 1.31300, slightly above the current price to confirm the breakout of the corrective phase and the start of Wave 5.
Target:
Take Profit: Set your take profit at 1.34024, which is the upper resistance level and the projected completion of Wave 5.
Stop Loss:
Stop Loss: Place your stop loss just below the support at 1.31000 to protect against any false breakouts or downward continuation.
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