Uptrend continuation + Forex Weekly Forecast

FX:GBPUSD   British Pound / U.S. Dollar
Hey, traders. Today I reveal the secret that lots of traders would be happy to buy for thousands of dollars. Hope you enjoy it.
Trade closed: target reached
Trade closed: target reached: It easily hit the second target)
Good job Alex
Nice setup, I managed to get a very nice entry at 1.4130 from my own idea but took some profit already and my SL is at BE (couldn't help it, 150 pips in a short time seemed like a good deal, especially with any GBP setup 10 days before the referendum...). For now I'm still a bit careful since the larger TF structure still looks corrective to me and I think we might get a stronger test of the support zone to end the double top short:

If I get confirmation of the trend setting through I might add again. Thanks for sharing!!
still long
No matter of the breakthrough down?
You should decide in advance witch set of variables you are using. You should choose one method and trade it. If you try to use every method possible you will get lost. Because most of the time different methods contradict one to another. I need somebody to sell here because I buy it. If nobody sells then I will never have my order filled.
motleifaul Alexander_Nikitin
In this case I prefer not to fill your order and stay aside as I did. I will only buy when I see a clearer sign of a bottom.
Should't X-A be considered as an impulse wave?
It should be whatever is written in your trading plan. I recommend you to watch the video. Everything is explained in it.
The setup is great.
A possible new trend in the US Dollar is emerging. A naughty filtered entry on WVF with DXY after a decent pull back, suggests on probability that US Dollar may rise for a while. The strengthening demand for USD is also to be seen to some extent, on pairs like USDCAD and USDMXN (which compares the strong USD against a much weaker currency).
Sterling is expected to fall a bit further in demand, before the rebound up (whatever happens with Brexit).
Market turbulence is likely to be higher in the next few days. If Sterling falls in demand due to 'nerves' among central bank or other institutional traders, protecting themselves, and USD increases in demand then mathematically GBPUSD is in for a rough ride south, possibly breaking through the X-point. This is not fundamental analysis even if it so appears to some.
Optional viewing for those who wish to assess the Brexit situation, is here: from the Market Sniper, Francis Hunt.
I apologise for sharing different perspectives or for any distress or uncertainty caused to anyone.
+1 Reply
May I ask why you use the .786 level as D point completion for this Bat pattern? Thanks!
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