DavoodWadi
Long

Trend Continuation Long Setup in GBPUSD

FX:GBPUSD   Pound Sterling/U.S. Dollar
540 9 10
We are at previous support which coincidences with 50% retracement of the last swing.

I'm aiming for a retest of the previous top for the least.
I think the idea is still right, buy the breakout of the upper trendline just formed with same risk method.
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Looks like a triangle before more downside? (minimal)
I still think there's a pending 5th wave here.
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DavoodWadi IvanLabrie
Hi Ivan,

Thanks for your comment.
Just one note:
An hour after my idea, the candle faked out to the bottom. Whatever it is forming right now we can't name it a Triangle (because of descending waves).
Could be an ending diagonal if we see more downside.
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IvanLabrie PRO DavoodWadi
I'll post my count in a minute. I think it's a complex way structure pending completion. We won't see impulsive moves in the big picture until there is a decisive grexit / euro summit conclusion. Not using direction from it just timing momentum for our trades.
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IvanLabrie PRO IvanLabrie
GBPUSD: Long term view and forecast


snapshot
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