FX:GBPAUD   British Pound/Australian Dollar
195 8 6
The GBPAUD             moved higher in an impulse and might extend a little higher first before I expect a consolidation/correction. To me the whole wave higher is considered to be only 1 wave. (I will elaborate on why I consider this to be only 1 wave on my website) I therefore want to trade the correction on lower time frames that might test 1.94. Once the consolidation is over I will be looking for at least another wave structure higher.

Updates will follow.


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I'm in too. Retrace to the 61.8. Targeting 1.95 (161.8 ext of 0-2) to begin with.
+1 Reply
There is no clear difference in time or price of any correction in that move , so no one can be sure where is wave 1 and where is wave 3 or wave 5 .
SamehAnwerMohammed SamehAnwerMohammed
So it is one impulsive extended wave of nine waves. It is mentioned in the book of Prechter ( I am reading it now)
+1 Reply
SamehAnwerMohammed SamehAnwerMohammed
This book by the way is great . I read it before but now when I tried reading it with open mind , I found it include great rules and guidelines . I know of course they are nor enough but you can build on them to make good profitable strategy. Thanks for recommendation.
I've got wave 3 within this wave as an extension beyond 300% of wave 1 with wave 5 coming in beyond the 38.2 of waves 1-3. I think the retracement will be substantial when it comes. The question is has it started or not? When's your website up and running? I wish you a good weekend too.
Whether it is over or not is what I will determine on lower time frames by means of structure of lesser degree. Regarding my website, it is close to completion but I can't say for sure because I'm not the one building it. However it should be soon and until completion I will update several set-ups a day/week.
Good stuff Tim. I don't know about you but I find it hard to put a count on this wave up. No decent pullbacks to speak of. But it does look like we're in for some more up move. If so then GBP/NZD should also move and the count there is easier. But then we have Brexit so....
Yes I agree, key is that it is only one wave and it is extended. For now it is hard to determine whether it is a wave 1 or A, however in both scenario's a correction will be next AND a continuation after that. (wouldn't be surprised to see the third leg finish up to Brexit referendum) Have a great weekend and let's see whether this pair presents us some clean set-ups next week. I think it will so I will monitor it.
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