Hellena | GBP/USD (4H): Short to minimum of wave 3 at 1.20410.

I assume that wave 4 is completed, but it is possible to update the local maximum in the area of 1.23023. In any case, I consider only short positions with the aim to complete the 5 wave structure. The nearest target is the minimum of wave 3 at 1.20410.

Manage your capital correctly and competently! Only enter trades based on reliable patterns!

Comment:

I recommend being careful. Possibly the price will renew the maximum. When reaching 1.23023, as well as updating this level, I assume that a pattern should be formed to confirm short positions.

Comment:

The price is in a strong resistance area at 1.23000. In case of a strong breakout of this area I will consider that the idea did not work out.

Comment:

Dear colleagues, the price is in the resistance area. world events have strongly affected all pairs, so I believe that the price will start to decline, but not as low as I thought. about 1.21884 - the area of 50% Fibonacci level.

When this area is reached, it will be necessary to close the position, or transfer the deal to breakeven!

Comment:

Well, the big question is whether to shut down the idea or wait for tomorrow :)

Trade closed manually:

Dear Colleagues. I thought for a long time what to do with the GBP idea and came to the conclusion that it is better to close short positions with a good profit at 1.21872.
From Monday there will be new fresh ideas!