jfim1
Long

A GBP/$$ Correction

FX:GBPUSD   British Pound/U.S. Dollar
a year ago
The lack of motion with bars closing within a relatively narrow range says we are in a correction. The choppiness suggests we are in a wave b up within a larger correction. This is my primary scenario.

If the current upswing that is moving up to wave b fails to exceed the wave A' high then I would expect a move down to fibonacci support (horizontal line), completing wave B' of the larger time frame, expanded flat scenario. This sets up for a nice final wave C' up beginning on Monday.

This is a forecast for entertainment purposes only. How to actually trade this scenario, including what to do if it is wrong, requires trading skills not shown here.



a year ago
Comment: Wave b appears complete and has met the objective of reaching the wave A' high.
a year ago
Comment:
snapshot


If price fails again, this is the scenario to get us to fib support. Otherwise, follow the bulls through the breakout.
a year ago
Trade closed: target reached: Not the exact path I expected but we hit the target - and there were plenty of warnings before the turns. Good trading skills would have allowed you to make a profit on the false breakout this morning with plenty of time to get short.

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jfim1
GBP/$
jfim1 about GBPUSD a year ago
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