TradingEW

GBPUSD correction within a correction

FX:GBPUSD   British Pound/U.S. Dollar
71 2 7
A correction within a correction sometimes called the 'x' wave { here wave (b) of correction ii} can be so unpredictable, time consuming, whipsaw within short ranges and not going anywhere; even if it's a minor c wave it can turn out to be an ending diagonal of deminishing ranges. It's a pain to be in.
Therefore, while there are better R/R elsewhere, tracking this corrective wave (b) to completion with patience, then setup long for an impulse (c).
Tactic - Let the market come to you.

Related Ideas

InsideMarket
a year ago
I am a bit biased about the dollar. I think it should be appreciated just like you expected the (b) wave.
Reply
TradingEW InsideMarket
a year ago
Yes, the dollar is doing it's own thing in that direction, is that what you've got in mind? :
snapshot
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