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Pounddollar

$GBP/USD Short Term Elliott Wave Update 5.15.2015Decline to 1.5087 completed wave (X), and rally from this level is taking the form of a double correction ((w))-((x))-((y)) where wave ((w)) ended at 1.5523 and wave ((x)) ended at 1.5351. In yesterday's $GBP/USD Elliott Wave 5/14/2015 update (see related ideas), we said wave ((y)) of W can test as high as 1.5785 - 1.5820. Current Elliott Wave short term view suggests wave W ended at 1.5815, and the pair has started wave X pullback to correct the cycle from wave (X) at 1.5086. Wave X pullback is taking the form of a double corrective structure ((w))-((x))-((y)), and wave ((w)) of X is currently in progress towards 1.569 - 1.5707, then it should bounce in wave ((x)) before the decline resumes to complete wave X. Wave X may reach as low as 1.5365 - 1.5451 (50 - 61.8 back of rally from 1.5086), although it can end before that in 3, 7, or 11 swing. Target area for wave X can be better measured as wave ((w)) and wave ((x)) complete later.. We don't like selling the proposed wave X pullback. As far as 1.5086 level holds in the pullback, we expect buyers to appear after wave X pullback is complete in 3, 7, or 11 swing for continuation higher. --------------------------------- Twitter: cmellon1976 Website: elliottwave-forecast.com
Long
by EWForecast
GBPUSD POTENTIAL LONG @ ~1.52480I have been following GBPUSD since the last week in February (24/02/2015) and got in on a short (with a limit order filled on 26/02/2015) of the pair @ ~1.55500. I racked up 140 pips by the end of day but I locked in 110 pips and let the market kick me out. The market is moving back towards the bigger picture demand zone below @ ~1.52480 which should see a bounce (as it is the 0.50 of the prior up swing) . The bigger picture trend is down so profit margin will be limited to the forming of a strong supply on approach to the demand zone. Look for good reward:risk ratios (3:1 at least). A bounce from the demand zone should send the market back up to ~1.55500. This will be affected MASSIVELY by news on Friday. Hopefully, the news pushes price right into the zone. A 60-pip stop loss is not my type of risk. I'll wait for the market to penetrate the zone and the reverse before entering on exit from the zone.
Long
by selfrighteousgambler
1
Example of Rising wedge in GBPUSD 4H TFThis is a pure example of Rising wedge chart pattern to trade on. This pattern is bounded by two converging trend lines. We know this pattern is usually traded for a reversal trend. It is a bearish pattern which signals us the pair is likely heading downward. Though, it is also indicates that a continuation of the trend. If it fails to break the bottom trendline (Support) and which can lead us to have new high. Everything is depending on the trendlines are broken or not.
by IamMuffee
8