Big Bounce Hunting . . .

FX:GBPUSD   British Pound / U.S. Dollar
417 4
IF - This is an A-B-C Flat ---
THEN - the .886 area of the Bat pattern
would be a reasonable, low risk area to enter long,
anticipating a C wave in a larger degree 4th wave move
to the 4th wave of previous degree.
Don't see this as a very impulsive 5th wave to new lows,
however, slightly new lows are possible with a B wave expanded flat,
which might be why this c of B wave is a MESS to count just now.
{{ Is that a 3 drive to the bottom ??? I'm checking . . . }}
be careful, the trend is down. It can go as low as 1.56
OLAOLA Lacunoide
dojitrader Lacunoide
Thanks for your concern. I think I'm prepared for however the market
decides to move. I have my entry, my stops - so I've answered the most
important question ~~~~ How much am I risking ? And, I have my targets
with rules for moving the stops should this work in my favor.
Unless you see something I've missed, and please let me know if you do,
I'm thinking this setup has all the ingredients needed for a smart trade
that hopefully has an edge.
With all that in mind I'm not sure I understand your concern for the
potential of a drop into the 1.56 area. If we do get this retracement
I'm thinking it would be a great long term target for a short, BUT,
first things first.
Pips to us ALL !!!!!!!
+1 Reply
Not particularly happy I checked out the 3 drive.
There seems to be a 3 within a 3 - don't think I've seen that before ~~~~
And the fibs for the Blue 3 are lousy - Plus - the entry is 30/40 pips higher.
I think I'll go for the 1.6105 entry. Of all the pairs Cable seems to find the
magnet of the "Big Figure" to much to resist.
Perhaps the candlesticks will provide a more comforting entry trigger ?
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