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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