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Ew5wavetrade

Day trade off hourly with EW 5 wave play 10-8-19GBPJPY is offering up a nice looking EW 5 wave setup pattern. From current levels it could, if it plays out deliver 50-80 pips with a well defined stop loss. The small pink line is my choice to play should price break down. With stops around the 131.00 round number. My orders are stop sell orders on this one. My reasoning for this kind of order is simply this... I love living my life away from computer screens. This style of trading however doesn’t mean I don’t trade, it just means I try to find a good pattern to play, target my entries, place reasonable targets and allow the my statical setup to play out be it good , bad, or indifferent. It is an emotional free way to trade, so long as you’ve done the statistical work to find a high probability trades. Thus is not trading advice. If you decide to trade any idea you assume all risk of loss. In trading you either make dust or you eat dust. All the best my trading warriors. I’m going to bed, see what happens in the morning. G-night.
Short
by PipsTradingClub
Intra day long Trade GBPUSD Yes I know my earlier post was about wanting Sell this pair around the 1.2300 level. However, with this impulsive and sudden move higher and taking into account of some potential dollar positive news on Friday ( tomorrow / 8/23/19 ) I can see a run up in price based on a EW 5 wave setup I see on the hourly or 30M charts. I know they are short term charts, but this is only a short term intra day trade / a tad bit longer scalping trade. You can pick which is which. If I were to try this trade...and I might yet due to the fact it plays well with my targeted starting point where I’d like to go short. And there is nothing wrong with being a tad bit aggressive with trades so long as you trade light Use tight stops Have already booked profits to then risk being aggressive on a trade. Have a clear plan And are prepared to trade that plan using your rules. If I were to trade this—I’m looking at the pink zones / horizontal supports, as my entry points. Those zones play well with fib levels as well. I’d use 20 pips stops or less, and I’d target just above the highs of the last 12 hours as of this post as my take profit zone. Over all I like to go short on my longer time frame charts. With this potential short-term EW 5 wave setup, it only adds to my conviction on going short at my levels should it play out. All the best. Should you trade any setup / idea, you assume all risk of loss. In life and in trading, you either make dust or you eat dust.
Long
by PipsTradingClub