With Cable (GBPUSD) in an uptrend, it is good to join in the established trend in a price area that is low risk. Price should head up and out to ~1.5900. The first target will be 1.5820 for a reward of about 3.5xRisk. The strong move away from the zone shows the trend could find new strength when prices pull back. However, a trend reversal seems close...
The strong fall from 1.5818 suggests a move down from the area is possible on the next arrival. The 30 pip risk in this zone, should it work, gets a reward of about 4:1. The pair is in an uptrend. But the chart suggests that the end is near. This is a counter-trend trade for 120 pips before the main trend continues. Price needs to rally up into the zone in the...
On Thursday the GBPUSD broke a very important structure level around the 1.58 even handle. Since that moment I had to redo my I.P.D.E. and shift my focus from a potential short at that area, to a potential long to hop on the underlying trend. In yesterday’s update I told you guys that I was looking for a retracement and you know what it looks like we’ve got one,...
Decline 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...
I 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...
This 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...