GU looking pretty straight forward, D1 we have 1 up and a correction so looking for another impulse higher to complete a structure.
H4 we got a lower low and it's possible the structure is coming to an end around the 100fib (see previous H1 setup), Nothing is confirmed that the H4 C wave is over.
H1 were starting to get bullish divergence giving a a sign H4 wave C could be coming to an end.
1) H4 wave C there's no confirmation it's over, wait for confirmation before buying. 2) Invalidation point for this setup is the low (yellow line) 3) Wait for impulse up on H1 breaking the TL and bullish flag to confirm more upside before buying 4) 100fib TP could change depending on where wave C ends
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My last Two H1 GU trades have played out nicely, Now I'm looking for the larger impulse up and I see no reason why this potential setup won't play nicely either!
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GU H4 nothings changed, price has just pushed lower, We didn't get the H1 TL break and bullish flag for the buy.
Trade is still valid unless yellow line at the low is broken so if you get H1 TL break and bullish flag to confirm more upside you can buy!
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We might be getting 1st signs of bullish movement, M15 we have bullish divergence and a impulse up!
Wait for confirmation of M15 Tl break and bullish flag before buying!
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H1 Idea, checkout the idea details for the full rundown!
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The H4 low hasn't been broken so this trade is still valid, We are getting H4 impulse up so wait for H1 bull flag breakout before buying. Be aware H1 could just turn into a correction and then give Z down.
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Here is the possible H1 structure I see, Check out the idea details for the complete picture. Thank's
Agree with the resistance point at 1.28650-65, but see this only as a retrace before more downside to 1.2625.
Boon2
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@Pipster, O ok yep, The reason I'm looking for the D1 Y up is because the W up can't be all the correction, it doesn't fit on a time basis for correction compared with the large impulse down from the start of the year, Longer term I think theres more downside to come but we need a correction before that can happen, 1 wave up (W) can't be a correction, we need minimum of 3 waves to complete the structure. in the H1 ideas you can see what I mean by time factor, the corrections don't just give the 1 impulse for the correction, hope this helps!
However if you are right and wait for TL break and flag at worst this setup will be a BE trade
Boon2
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Even If price breaks the low we will still see the C wave up as a running or expanding flat
Boon2
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@Pipster, Another reason I think we will see a higher high is because when we get these running or expanding flats in B waves they usually are just ABC patterns. Can price break the low and give a running or expanding flat instead of the WXY I have here? Absolutely, thats why I wait for confirmation before taking a trade.