HamzaLeith
Short

GBPUSD heading south towards new lows

FX:GBPUSD   British Pound/U.S. Dollar
Idea is based on Elliott wave theory. Stochastics are used to confirm the wave count. Rationale behind this setup is shown on the chart along with specific target. Good Luck
NIce analysis, but since it's the weekly chart, the risk is way to great for me. I have a much smaller account, that's why I trade only micro lots. I think we are likely to see GBP rise since the US dollar seems to be running out of steam. Let's see what happens. Thank you for sharing and Good Luck :)
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HamzaLeith moneymaking
You can use the exact same strategy with smaller time frames, because as you know the minor waves also consist of waves (fractals). You would only have to adjust the way in which you use the stochastics (they will fluctuate much more).
+1 Reply
moneymaking HamzaLeith
Ya, that's what I was also thinking about. Trading smaller time frame with low risk. Sounds good :)
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HamzaLeith moneymaking
If you choose a broker with less leverage you can easily trade longer term, it is much less stressful too. I used to trade with Alpari 1:500 leverage, thinking I will be rich within no time :P. Not only I lost heavily, but alpari declared bankruptcy.
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Hi- In your sideways correction I see that the wave-3 is the shortest- I always thought wave-3 can not be shortest among 1 and 5.
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HamzaLeith HamedAghajani
Hi Hamed only with impulses, this is a correction
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Hi Hamza- Have you been triggered on this one?
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HamzaLeith HamedAghajani
Hi Hamed, GBP has been proving the least reliable when it comes to my TA, across some pairs it is yielding a clear bullish bias whilst against the dollar the outlook is bearish. Long term USD will outperform both GBP and EUR I believe, so in the long term a bearish bias for GBP would make sense. If we break the 1.456 to the downside, I will be more confident of this pair's long term bias.
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you are absolutely right about the mixed message it is giving; currently am in a short trade on this one based on H4 time frame; tp 1.5 sharp; thanks for your reply
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HamzaLeith HamedAghajani
Good luck mate, you are welcome
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Speechless!
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