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TRADE ANALYSIS: GBPUSD: Time For A Retrace

FX:GBPUSD   British Pound/U.S. Dollar
949 0 30
TRADE SELL@1.47100 SL@1.47799 TP@1.43434 R:R 5.4 Risk: 70*4 Reward: 367*4 Trade Ranking: 3.5

So I posted this analysis back on April             20th, 13 days ago at the time when most people were calling for prices to drop due to a "completed triangle": "GBPUSD: Looking To Get "High"!"
GBPUSD: Looking To Get "High"!

Here's what happened since then. As you can see, prices did almost EXACTLY as I predicted they would:

4HR CHART
Prices have now reached that blue POTENTIAL Crab I have in the chart above and completed it. I have marked that as the completion of the wave (3) of the larger degree wave 4. You can also see in this 4HR chart of GBPUSD             that there is divergence that has built up.
snapshot

In the main 1HR chart above, you see more clearly the completed crab (blue) from the chart above. But you can also see the earlier completed crab and also a completed butterfly in which prices had been testing the PRZ of those 2 patterns. Prices went right up and hit the 2.618 golden ratio derived level and reversed from there. There was also a completed ED pattern in the wave v of (v) of the wave (3). A very typical place to find ED's. All of this points to the end of the wave (3) and a retrace into the wave (4) of 4 which I see heading back down to retest the broken upper TL of that incomplete "triangle".

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Please keep in mind that I am not giving any trading signals or trade calls 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 or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. 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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