FullTimeTrader
Long

GBPUSD-Many reasons to buy near 1.5000

FX:GBPUSD   British Pound/U.S. Dollar
1363 3 30
Good opportunites against the USD next days. This is another one. Right now price is in free fall but should begin a correction soon.
I have many reasons to expect a correction near 1.5000 level, lets show them separately to have clean charts.

First, on this chart we have a perfect bullish butterfly near completion. Looking to the left we have a strong structure near the round level 1.500 and the butterfly completion level.

Second, using channeling technique we have the middle of base channel where we could expect some reaction:

snapshot

Third, we have a previous head and shoulders pattern wich target is reached near 1.5000
snapshot

Fourth, according to EW count the previous wave 4 could offer a support near 1.5000
snapshot

Thats all! IF price gets to that area i will be there for sure.

Regards

*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome (agree or disagree).

IvanLabrie PRO
2 years ago
I'm starting to think this is a sneaky wave 1-2 like in GBPCAD. Potentially a very large impulse down starting (weekly/monthly scale).

snapshot
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FullTimeTrader IvanLabrie
2 years ago
Yes! its my view also: price broke previous lows, is making a pullback and will continue the starting downtrend. I will look for an entry on lower TF
Reply
IvanLabrie PRO FullTimeTrader
2 years ago
Yep, also extra spice:
Clear impulse down, which went 1.618 past the previous correction range, if the retracement doesn't go past 0.618-0.707 and timing is correct for a trending impulse, this will be a big winner :D
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