GBPUSD seems to be making another corrective leg higher. I like to see a consolidation after the bullish response of yesterday. Buying after a consolidation is what I like to do.
The confluence zone based on the sell off and wave A of this correction around psychological level 1.30 seems to be a nice target. But that's too soon to tell at the moment.
Updates will follow.
The confluence zone based on the sell off and wave A of this correction around psychological level 1.30 seems to be a nice target. But that's too soon to tell at the moment.
Updates will follow.
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Guys I didn't like the structure of lesser degree and timing for the bullish continuation and missed the buy. We can't have it all apparently;-). So what am I looking for?It is very possible that price is unfolding in the shape of a wave 1 of C. If that will be the case I will get another change to buy GBPUSD after a correction and maybe get an even better entry. However if price accelerates higher from here I need to let it go and reevaluate later.
On the other hand if price reverses sooner than what I project to be wave 5 I'm good as well. That's because I'm looking for the buy based on the bigger picture and basically am waiting for a significant correction.
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seems like we need another leg higher for wave 'v', however if we see a flag watch for sell.
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I stll expext a move above the origin of wave A. We saw a comparable bullish move before followed by a shallow retrace. I will therefore be looking for a bullish continuation to test at least the high of wave A.
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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.