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Fxprotrader
Nov 1, 2015 12:11 PM

EURGBP Sell Off About to Be Over Long

Euro Fx/British PoundFXCM

Description

After a clear 5 wave move to the down price is testing a key support zone. Typically after a 5 wave impulsive move we have a correction (Elliott wave) and that's what we are planning to trade. A very good reason to this is that in RSI we see a bullish divergence.

Stoploss and profit targets as shown at the chart. As always i will enter this long trade with three positions and if price reaches the first profit target i will move stoploss to breakeven to the second and third positions.

Like and comment,
John

Trade closed: stop reached

Comments
Stilo4
IvanLabrie
Could be A-B-1-2-3-4-5 terminal impulse. Your 5 has 3 waves...There's no overlap between 4 and 2/1 otherwise.
Elliottician_SamRoy
wave-5 looks like 3 waves. not clear to me. i will wait for more green signals that we r going up.. Thanks for idea . cheers
Stilo4
Also spotted this bullish cypher on the 4H time frame. Good luck
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