GBPUSD, correction THEN impulse higher

FX:GBPUSD   British Pound / U.S. Dollar
481 5 19
I like to see a third leg lower for GBPUSD             on the 1 hour time frame and then look for a buy towards 1.36 and 1.39 respectively.


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Moving as expected, watch for break, stop loss should be below wave 2.
Comment: Place stop at break even if you entered as described. I target 1.36 for risk/reward of 12/1 with 2% risk. Stop is at break even and I will be looking to add after a consolidation. (this was we can build this position to target 50% return on capital) The levels are not written in stone so we adjust when needed but this was my original plan and so far so good.
is it possible that given the current conditions it is breaking downside?
TimStuyts ruthrajamanie
I'm not sure what consolidation you are referring to. But in general it is certainly possible, however I'm only looking for buy trades at the moment. Only if we see a bearish acceleration followed by a consolidation I will sell the continuation.
ruthrajamanie TimStuyts
my bad. i mixed it up with another pair. Good call and thanks to you i caught this from the bottom
TimStuyts ruthrajamanie
Not a problem, let me know if you need anything!
good work!
+1 Reply
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