GBPUSD Flat to upside?
Aktualisiert
I see that GBPUSD has been in quite a strong uptrend for some time now and has began correcting.
I have labelled the correction as a zig-zag followed by a flat. It does have the potential to become a more complex correction,
however, it is looking upside regardless if it continues correcting or resumes the uptrend.
I have drawn out how I see the flat to have formed.
I see the fifth wave coming to an end with an ending diagonal. The grey area I highlighted is the 61.8 zone it may continue to crawl to.
I don't see it falling below that zone so stops could be quite tight and you could take this trade as an X wave which could be cut short, or as a Trend Continuation which would be much more favorable.
If this does fall into the grey zone then it would provide the opportunity of a very good risk to reward trade.
I tend not to post flats or triangles as I still need to get comfortable and learn them fully, so this post will be interesting to see how it turns out.
Any advice is greatly appreciated,
Thanks.
I have labelled the correction as a zig-zag followed by a flat. It does have the potential to become a more complex correction,
however, it is looking upside regardless if it continues correcting or resumes the uptrend.
I have drawn out how I see the flat to have formed.
I see the fifth wave coming to an end with an ending diagonal. The grey area I highlighted is the 61.8 zone it may continue to crawl to.
I don't see it falling below that zone so stops could be quite tight and you could take this trade as an X wave which could be cut short, or as a Trend Continuation which would be much more favorable.
If this does fall into the grey zone then it would provide the opportunity of a very good risk to reward trade.
I tend not to post flats or triangles as I still need to get comfortable and learn them fully, so this post will be interesting to see how it turns out.
Any advice is greatly appreciated,
Thanks.
Anmerkung
On this pair I did not analyse the higher time frame which is a must. Here I predicted an up move, but in the higher time frame I see it as bearish. If the upwards move does form, it will be as a short term, short lived pullback towards the trendline. This could provide good entry for downside, or more conservative traders could enter on a flag to the downside. As I have seen a break of the trendline, I am now expecting downside to previous lows of around 1.21 . Apologies for the poor prediction.
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