DavoodWadi
Long

Trend Continuation Long Setup in GBPUSD

FX:GBPUSD   British Pound/U.S. Dollar
539 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.
Looks like a good opportunity
+1 Reply
MARI Akil_Stokes
Hi Akil, I am on the other side of the trade... :o) I see the double top with broken downside, waiting for the fib 0.618 and signal to sell. Also, the daily seems a bit exhausted and ready to retrace for a while as a confirmation of my decision. Mari
+1 Reply
That's the beauty of trading, there's always a buyer and a seller.
+1 Reply
Looks like a triangle before more downside? (minimal)
I still think there's a pending 5th wave here.
+1 Reply
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.
Reply