4xmental

Simple analysis on GBPUSD movement

FX_IDC:GBPUSD   POUND STERLING / US DOLLAR
I am a beginner trader and a new member of tradingview community. This is my first trading idea sharing and should not be used as a trading advice.

This is a simple technical analysis of the market based on the wave movement (not Elliot ) taking into concideration trend and ranging conditions. Vertical lines are estimates for countdown of the movement or approximate the time / date when the levels should be reached by the price. This might happen earlier than indicated or later on.

The idea is to go short from point A to point B catching the range movement of the price back to support level of the range channel. Price breaking above the A point could be possible invalidation of the trade.

Once point B is reached there is a good possibility to enter long trade from B to C. Take profit area is marked near point C. The possible invalidation of the long entry area, price falling below red line which is a 50% retracement of the A wave.

All comments are welcome.

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