Possible GU Structure Ahead Short

FX:GBPUSD240

British Pound/U.S. DollarFXCM

Description

⋅ Oct 29, 2018 9:35 PM

Retracement into BoE Thursday, then maybe a 5th wave down toward the current 2018 low. DXY EURUSD GLD GDX SLV

Comment

⋅ Oct 30, 2018 10:28 AM

Bad EUR GDP Numbers taking it down a little more in sympathy.

Comment

⋅ Oct 30, 2018 11:02 AM

Watching what GU does here on Month Camarilla S4 and Week Camarilla S3.

Comment

⋅ Oct 31, 2018 3:55 PM

GBP seasonality could follow EUR to mid-November bottom after wave 4.

mrci.com/client/spmarket/bpd.php

Comment

⋅ Nov 1, 2018 3:39 PM

Starting short at 1.2950

Target maybe 120-150 pips down. Unclear if we revisit the 2018 lows.

Comment

⋅ Nov 1, 2018 3:39 PM

Whoops wrong picture above!!

Comment

⋅ Nov 2, 2018 2:51 PM

Added more short today in a bigger way. I am under water at the moment but I believe it is a sound trade. We managed to make it all the way back to the base rail of the descending pitchfork... unbelievably. This is a simultaneous resistance zone of the Year CAM R3 and Year Pivot. There are some month pivot backtest targets that I am looking at to get out of this trade... however we may see a full 50% retracement from the low to the high this week.

Comments

Boon2

⋅ Oct 30, 2018 1:36 PM

I have a similar view, looking for correction before the possible Z down!

mortdiggiddy

⋅ Oct 30, 2018 2:03 PM

@Boon2, It would make sense to visit the 2018 low by mid november.

Boon2

⋅ Oct 30, 2018 2:10 PM

@mortdiggiddy, Yes it could turn into expanding flat on D1. On H1 I think theres a real possibility that we might be geting an expanding flat in the X or 4 by the look of current price action.