GBPUSD-corrective channel finishing

FX:GBPUSD   British Pound / U.S. Dollar
788 7 17
This pair is making a correction following a corrective channel.
The price crossing the middle of the channel is my confirmation to long.
We have also the 0.50 fib retracement.
Targets are 1.27 and 1.61 fib projections.
Best regards.

This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectfull and constructive ideas are welcome.
We all are here to learn sharing ideas, have fun and improve our performance.

I have the same count good luck!
you buy in the midle of downslope range .... ? Is that a good way? Where is your stop and your terget ?
+1 Reply
Hello, this trade is based on elliott waves, not just trading the channel mechanically. We see after the last impulse (strong and fast) we have a 3-wave decline(slow). AFTER doing this analysis according to his channeling technique we can draw this channel and the confirmation would be the breakout of the middle line. The stops and targets are shown on the chart. Of course you can dou your own analysis according to your trading system.
catalin83 FullTimeTrader
I also have a method do mesure the waves buy mesure the w1 w2 w3 and find out the next wave .... But I do not use them anymore ... The thing that I do not like the stop is not good... Second thing that I do not like the price did not take highs to the left (swings )....
Your approach is also valid, placing a buy stop order when price take the highs. it depends on the trading style (agressive or convervative). My personal preference is take the trade from the lows. Regards.
catalin83 FullTimeTrader
Nice point of view ...That Is the truth :)
+1 Reply
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