FX:GBPUSD   British Pound/U.S. Dollar
399 8 2
GBP/USD             has reached a critical point, lying on the support lines of a weekly uptrend, and also a monthly S/R line going back from the end of last December.

It looks like the trend still has one more wave to go as it sets up for wave number 5, which could reach potentially to double the distance of the fourth wave.

Going by the general market structure of support levels, and two leading indicators, it looks like wave four has come to an end.

The best entry price to go long was already hit at 1.543, but you could still potentially go long somewhere in the current price range, or wait out to go long on the first target hit.

The four target prices to take profit are three previous resistance lines, and the extension of the last Elliot-Wave scaled to fib ratio.

Manage your positions carefully and happy trading.
thank u for chart!!
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AnneSmith
3 years ago
yellow dashed line looks solid :)
thanks
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RedStaR
3 years ago
First target just hit!

Let's wait and see if bulls can push further north.
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kamukak
3 years ago
Redstar do you have an twitter feed or website, any chance of contacting you.
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RedStaR kamukak
3 years ago
Sorry, I don't have neither twitter nor a personal website.

Why do you ask though ?
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kamukak
3 years ago
Your analysis are spot on so I thought maybe its better to subscribe to your service if you have one. I hope you stay here and share your ideas long enough!
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RedStaR kamukak
3 years ago
Certainly, I do this completely for free. I still consider myself quite amateurish in the world of trading, barely a year of experience.

The reason I use this website mostly is for logging my technical analysis and measuring my success rate in trading. I still do not have a live account with real capital, and will not make one until I'm completely comfortable with mastering my own trading system, making consistent returns in the process.

If that means that others could benefit from my charts, then I'm more than glad to help,

Cheers.
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RedStaR
3 years ago
Second target hit at 1.598

It will go bearish from here, whether price will retrace or reverse is still up for questioning.
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