FX:EURGBP   Euro / British Pound
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13
Analyzing is my work, trading is following my rules. I trade ideal scenario's or let it go. In an average week I only need 3 trades a week for 10% return based on risk/reward, so waiting for ideal scenario's is what I do.

Both EURGBP and GBPCHF are presenting possible ideal scenario's. If not I adjust and look for the next one. Keep an eye on these structures for reversals but be patient.

Safe trades!
Comment: The diagonal wave count has been invalidated. I don't like to adjust the diagonal wave count just yet because the probability is too low for me to trade it. I therefore need more clues before trading these pairs. Either the buy scenario as described or I wait for an acceleration lower and a bear flag consolidation pattern for a sell.

Comment: EURGBP
Comment: I'm short from 15min flag, will see what pair (eurgbp or gbpchf) presents the best continuation opportunity to add another position.
Comment: First target got hit after the minor consolidation we were looking for.
Comment: Both trades represent minimum targets but there might be more room left so I adjusted stop losses.

Comments

Can be still wave V? Thank You
Reply
TimStuyts LukaszWicinski
@LukaszWicinski, yes that's very possible. Key to understand about diagonal waves is that they most often come with zig-zag corrections. So very often a trader enters prematurely thinking that the diagonal wave is over where in fact it is extending. Therefore we need to wait for an impulse out of the diagonal followed by a consolidation and then trade the continuation. I'll update the chart. Safe trades!
Reply
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