GBPUSD 1H BUY
Updated
NB FOR ELLIOT WAVE TRADERS ONLY
As you can see I believe the low of this past week was the end of wave 3 and that wave A of the correction lasted the duration of Friday, now I'm waiting for wave B to complete in the 61.8% Fibonacci retracement of A (around 1.25000) where I will take two trades:
* 2. in the belief that if wave B travels further than 61.8% of A, I have a stop loss to take this into consideration and to increase the risk-to-reward ratio placing our take profit where wave C terminates at 50% of wave 3 (Around 1.27500) then moving the stop loss once it has reached 38.2% of wave 3
Please feel free to share your opinion and ideas (with regards to Elliot waves)
As you can see I believe the low of this past week was the end of wave 3 and that wave A of the correction lasted the duration of Friday, now I'm waiting for wave B to complete in the 61.8% Fibonacci retracement of A (around 1.25000) where I will take two trades:
* 2. in the belief that if wave B travels further than 61.8% of A, I have a stop loss to take this into consideration and to increase the risk-to-reward ratio placing our take profit where wave C terminates at 50% of wave 3 (Around 1.27500) then moving the stop loss once it has reached 38.2% of wave 3
Please feel free to share your opinion and ideas (with regards to Elliot waves)
Note
Wave (a) of B completeNote
Wave (b) of B complete, wave (c) near completionTrade active
I believe wave (c) ended at the 50% fib around 2500, I am long from 1.2520Note
I was a bit early but trades is running wellTrade closed manually
Trade closed at 1.25400, rules were violated indicating further downside
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