glennmercer
Long

GBPUSD Long: Making Sense of the Correction

FX:GBPUSD   British Pound/U.S. Dollar
4 months ago
Hey traders! I'm trying to make some sense of this whipsaw action after the flash crash. We can see a correction is in process after the bearish impulse on 10/6. This trade capitalizes on a possible double combination wave: triangle -> flat -> zig-zag , where we are trading the final stretch of Wave-c. I want to move my stop to B/E quickly to protect the position from a potential triangle, which is a possibility in this scenario. However, I'm counting wave-a as a five wave sequence which if true will follow through as a zig-zag , hence this trade idea. More updates to follow. Happy trading
4 months ago
Order cancelled: All, Did not get the bullish impulse on the lower TF. However, I am now setting a LIMIT order with the SL below invalidation. The risk/reward is still substantial. See below. Cheers!
snapshot
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Fxtoronto
4 months ago
Hello glen was looking at the very same pair. Also the trend continuation structure thats present also indicates the future wave to complete close to the gartley completion in my opinion
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Fxtoronto Fxtoronto
4 months ago
snapshot

also i do believe that we might have a deeper hourly correction before it makes the final wave up
best of luck
Ax
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glennmercer PRO Fxtoronto
4 months ago
Hey Ax, great setup. I like the bull flag you pointed out. I didn't see enough of a bullish signal on the lower TF so I have a limit set, probably similar to yours. Hope yours works out too, cheers buddy
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