GBPUSD Bullish (Elliott Wave Buy)

Buy Sterling with a Take Profit target in the Brexit ICT Liquidity Zone

Entries
- Buy 1.3260 and TP 1.3600 (Reward:Risk of 2.38:1)
- Buy 1.3255 and TP 1.3600 (Reward:Risk of 3.2:1)

Intermediate targets would be 1.3345 and 1.3410

Look to phase in a 3x reversal below 1.3115

Rationale;
1. Elliott wave setup as per chart
2. Support/Resistance Flip ties in nicely with a 76% retracement of XC
3. RSI and MACD while negative point towards further falls (into 1.3150)
4. GBP sentiment has been negative post Brexit so highly likely there are Buys Stop orders above 1.3450 which may come into play in coming sessions

Comment:

Typo Correction.

Entries are;
- Buy 1.3260 and TP 1.3600 (Reward:Risk of 2.38:1)
- Buy 1.3225 and TP 1.3600 (Reward:Risk of 3.2:1)

Comment:

1.3346 achieved at yesterday's London Close

Trailing Stop Loss Moved to Break Even

Cable currently trades 1.3290
There are bids in the 1.3290-3270 zone. Should these fail we likely see a move down to 1.3220 area

Trade closed manually:

Trade closed at break-even (1.3260)

Trade active:

1.3150 not broken. I still like this setup.

Buy 1/2 position at 1.3175

TP1 1.3250
TP2 1.3600

3x reversal below 1.3115

Comment:

1.3140 holds (for now at least). Its the lower level of my Support/Resistance flip.

My understanding of Elliott Wave theory is that the low of the 4th wave cannot violate the high of the 1st wave. With experience I have modified the rule to consider the high-low range of the bar that forms the high of the 1st wave.

Trade closed manually:

TP1 of 1.3250 hit

1/2 of position closed

Trade closed: target reached:

1/4 position Buy@1.3175 and TP at 1.3250 = +18.8pips

1/4 position Buy@1.3175 and Stop Loss @ 1.2985 = -47.5pips
3/4 reversal Sell@1.3150 and TP @ 1.2985 = +123pips

Total +18pips-47.7pips+123pips = 93pips