Expecting 5 waves structure in the channel

FX:GBPAUD   British Pound / Australian Dollar
2271 28 76
I am expecting 5 waves structure in the channel. In case price rises before touching my price action line then i will look for structure change and possible pattern formation. Currently i am expecting corrective wave and then sell breakdown and trend continuation setup on upper channel line
Comment: Break up will change structure

Comment: Price testing my reversal point and i am watching for price action. I think you guys remember that i was expecting corrective bullish wave but price rising aggressively and impulsively and it may breakup and may change the structure only valid sell setup may form if price stay and hold that reversal point and give us signal that it is not going to break up then we will look for sell currently we are watching for price action either we are going to break through and going to change structure or price holding this reversal point here is the update guy hope this will help much better.
Comment: If not in get in on breakout reversal pattern forming.

Comment: This descending channel has changed itself but not too much break up the trend line will give signal that its changing it completely. Short still in favour i am holding my short from trend line stop outside the trend. linehttps://www. .
Comment: Details on the chart

Comment: So far so good price did not break up and we are still in corrective structure. Bearish impulse on its way. We have two possible formation if i will see trend continuation pattern then i will look for sell and if i will see trend reversal pattern then i will look for buy here is the update.
Comment: No early jumping please. wait for the right time.
Comment: Remember we are going against to the trend so no early jumping please.
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Thanks bro..im in when price broke the channel.
fxfxfx piptamil
in for LONG already?
+1 Reply
i am long from bottom mate currently looking for reversal from trend line if does not break down then will hold long if break down then look for sell and will close long.
fxfxfx Wave-Trader
nice pips Wave!, I was asking @piptamil if he already jumped in for LONG without confirmation
+1 Reply
fxfxfx piptamil
I think this was not a break up, it is still within the channel (the upper line needs a little correction to get it parallel to the lower line). I will look for SHORT at around 1.747 / 1.75 with TP 1.70 / 1.67 (maybe in 2 weeks time).
+1 Reply
fxfxfx fxfxfx
correction: SHORT at around 1.7375
+1 Reply
Sell on solid breakdown mate target lows moving on break even.
fxfxfx Wave-Trader
Yes, exactly. Now you have changed the yellow trendline from the top, in the previous update it was lower and the user "piptamil" saw a break UP there.. that was the reason of my first message directed to him yesterday "in for LONG already?"...
+1 Reply
Yellow line has zero value mate. If you dont see pattern and he dont see what pattern is there and how these patterns behave and what are their ranges then you need to understand the patterns not the yellow lines mate. remember yellow lines have zero value on my charts. These lines only tells me what pattern is there nothing else i dont see any change in the pattern pattern is still valid and it can further up if it does not break down with solid move and can break down from top in that case it is still a valid pattern. So yellow lines have zero value.
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