it seems that impulsive phase had been finished with an ending diagonal as wave 5. now i'm going long for a correction to about 50 or 61.8 fib
this pattern looks like an ending diagonal.. ending diagonals give nice trades with wonderful R/R and fast movements.. lets see
2 scenarios 1) the wave unfolding is an impulse to upside 2) the wave unfolding is X wave for another corrective wave to downside for completing WXYXZ correction
wait for break out, correction or consolidation above the trendline, and then enter the trade. if it doesn't give a correction i wont trade it
Now there are 3 ways this structure can develop and the result is same; long term buy setup. But at the trading perspective, you have to have an appropriate strategy for all of them and you have to know your stop loss, target and when to enter...
ending diagonal as wave C of ABC zigzag correction. the question is, is this zigzag all of correction or its going to be a WXY correction? so the target is based on the answer
most of GBP pairs are in the same structure. C wave of flat type of correction with good R/R . look at "related ideas" ; I am waiting for this trade for a while..
I'm waiting for this trade for a while and now it seems that corrective structure is about to completion.
sell break out of the trendline or if you are aggressive and risk taker, you can enter on 88.6% fib too. This trade is based on my previous analysis of this pair, the link is in "related ideas" !
this long term corrective move is about to finish. Don't sell for a little piece of Z wave, wait for buy setup, it has awesome risk to reward ratio and high probability.
Correction is about to end and expecting another wave to upside.
although this is a trade within correction, but the risk to reward ratio is good enough for taking the risk.
here is a mid term trade. the correction is a type of flat wait for the candle to close above trend line and better to wait for a consolidation or correction above trend line to confirm the breakout then take the trade
price is in a triangular pattern. Usually triangles can break both ways, but I think this triangle is going to break upside. Now structure is possible for both ways, its in wave 4 of an impulse to down, or in wave 2 for more upside; so if it breaks to upside I'm in, but if it breaks downside, i have no sell setup until a clear correction occur. more detailed: