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:


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

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

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


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
a year 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).

FullTimeTrader IvanLabrie
a year 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
IvanLabrie PRO FullTimeTrader
a year 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
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out