GBPUSD: Looking For A Wave 4 Retrace

Ok, after a large drop in what I had projected was a wave 3 of 3 of 3, what is next for this pair? Well, here's what I am seeing....

Since it is obvious that this was a wave 3 type move, then the next move has got to be a retracement. By my count, a wave iv retrace. Remember, wave iv's are very hard to predict and usually not very good to trade but they are tradeable. Usually, after a large move, there is usually a large counter move. Usually, not always.

But for now, the difficulty is figuring out where this wave 3 will end? Such a large drop with so much momentum is not easy to see where it ends. I know many people tried to trade a Bat pattern off that drop and were basically rolled over and trampled! I recommended to anyone who would listen to NOT trade that bat! If you listened, you saved yourself some pips!

But here, what I am showing is a POTENTIAL crab pattern that may point to the end of the wave iii, It ISN'T filled yet! still need prices to drop a little more to fill it. And that is what I am expecting to happen. There is also a MAJOR SR Structure there just below where prices are right now (as of this post). This is a point that I will be looking at for the wave iii to end and prices to reverse in a wave iv retrace. Obviously, prices are very, very much oversold (on the 1hr and 4 hr TF's ). There is also the 2.24 and 3.14 fib levels at that same point.

MY TRADE PLAN
I am looking for a good place to get LONG on this pair. The completion of the crab pattern would be a good place or the MAJOR SR Structure would also be a good place. Remember, just because the pattern is there, does not mean prices need to fill it. I am not placing a limit order for the entry as I am waiting to see price action to confirm a reverse. I will be sending out a TRADE Alert when I see a good entry to my paid members first. I'll post it here but delayed as I will post here when I have time to do so.

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*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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