GBPUSD 3 trades, let's have some fun and ROC
The buy positions in GBPUSD didn't go as far as we liked. Our target was (and still is) 1.36 minimum for the consolidation in GBPUSD.
Although we moved lower as a result of Friday's Average Earnings and NFP I'm not so certain that it will really impact the dollar that much yet. The market wants to see signs that the FED will hike rates but that's most likely not going to happen. I therefore think that we will see this consolidation take a little longer. Off course many things can happen in this Political and economical climate so let's trade what we see.
To me it seems like we are not in the start of a continuation of the downtrend but a wave C of wave B larger degree. This wave C in Blue has a 5 wave structure which is even extended. So what's the plan?
In the beginning of the week I like to see a third leg higher for wave 4 in red. Then I like to see a bearish continuation for wave 5 in red which will complete wave C in blue as well as wave B in brown.
Keep in mind that this is my scenario and I have reasons for this scenario, key is that we know what to look for and this might very well present 3 trades so don't worry if you missed the move on Friday because the real fun will start next week.
www.timstuyts.com
www.facebook.com/wwwtimstuytscom
Although we moved lower as a result of Friday's Average Earnings and NFP I'm not so certain that it will really impact the dollar that much yet. The market wants to see signs that the FED will hike rates but that's most likely not going to happen. I therefore think that we will see this consolidation take a little longer. Off course many things can happen in this Political and economical climate so let's trade what we see.
To me it seems like we are not in the start of a continuation of the downtrend but a wave C of wave B larger degree. This wave C in Blue has a 5 wave structure which is even extended. So what's the plan?
Keep in mind that this is my scenario and I have reasons for this scenario, key is that we know what to look for and this might very well present 3 trades so don't worry if you missed the move on Friday because the real fun will start next week.
www.timstuyts.com
www.facebook.com/wwwtimstuytscom
Comment:
If you are not in the buy yet wait for consolidations, if we reverse we will adjust.
