UPDATE #1:FULL ANALYSIS: GBPUSD - Still Heading Lower Wave (iii)

FX:GBPUSD   British Pound / U.S. Dollar
777 3 20
In my last post on this pair (see Related Ideas: "FULL ANALYSIS: GBPUSD             - Still Heading Lower In A Wave ( iii             )"), I was predicting that this pair would descend in a wavve ( iii             ) continuation. I must admit to being WRONG! Wrong in that I thought it would get rejected by a MAJOR SR Structure and would descend. That didn't happen. In fact, I even issued a SELL trade on this pair here and to my members which ended up costing everyone who followed me -60 pips. Felt bad about that. Sorry, guys!

So here I am now updating what I think is going on here. I still do think that this pair is going to be descending in a wave ( iii             ) just not in the way I thought. It is still in a descending ending diagonal triangle pattern and to complete the wave 3. Right now, it seems to be ascending in a continuing wave iv that is heading back up to the upper TL of the ED.

There was a bullish pennant pattern that completed and is what fooled me! Prices broke down out of that pennant but ended up being a false break. It quickly broke back up and through the pennant and headed north where it is now. Completion of the pennant patterns profit target puts it right at the upper TL of the ED. In addition, that completion is also a AB=CD pattern.

Of course, the POTENTIAL Crab I talked about before is still valid and is still awaiting completion in which a descent in a wave v after completing the wave iv would complete the wave 3 and the Crab .

I am now waiting for prices to reach that upper TL and complete the AB=CD pattern and the pennant patterns profit target. Then I will be looking for a SELL opportunity.

Want more great analysis and pro trading tips like this? Join my faceboook group at www.facebookdotcom/efxselect today (replace the "dot" with a ".")!

My members get complete REAL-TIME in-depth analysis, trades, alerts and signals on all pairs I cover as well as expert trading advice and tips. They received this TRADE ALERT as the trade was happening and got the best entry price! Would that help you? Go here now to signup or to get more info: http://www.efxselect.com

Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
SPECIAL Commodities $39.99/mo http://bit.ly/2AZWhx4
List of my ACTIVE Trades: http://bit.ly/2JkoaR3active
Sign up to mailing list: http://bit.ly/2iNieEY
Facebook Group: https://www.facebook.com/efxselect
Twitter: @andrewefxselect
Website: efxselect.c
Well done ! same as u ! haha
Thanks .
Falling flags mostly break on the upside. There was that flag that broke up
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out