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Short

UPDATE #2:GBPUSD: Adding Completed Perfect Gartley Finish Wave 1

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
In 2 of my previous posts on this pair, I had called for an end to wave (i) of wave C. Well, seems I was premature to say so and with the recent PA, I've had to re-analyze the sit-rep and reconfigure my wave count.

Recent PA also invalidated the POTENTIAL bullish cypher I had drawn before (I removed it now but if you want to see it, see my posts in Related Ideas section). The perfect Gartley is still valid and I've added an alternate .886 D point for the Gartley . To which prices have already hit. As can be seen here, .886 point is also the top of the trend channel prices are in. With the .886 Gartley D point and the top of the trend channel confluence, this could signal the beginning of the wave (ii) retracement I'm looking for.

SUMMARY

I was already SHORT from the perfect Gartley D point at .786 and since prices as it is are well within the PRZ of that Gartley , I am holding onto those SHORT positions anticipating a move down. I have actually added another SHORT position at the .886 D point and channel top.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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Agree or disagree. Good luck!
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Prices are actually at the top of a rising channel. This could be a good point to turn the other way. Im with both of you on this buddies:)
+1 Reply
Good work sir! This is my take on the same pair with hopefully the same outcome! Take a look when you get a moment! Your support means alot!

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EverythingForex PRO SmartTradingFX
Looks good to me. Solid structure trade. Good luck to us both!
+2 Reply
SmartTradingFX EverythingForex
Thank you sir! Good luck!
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