Fxprotrader
Long

GBPUSD Breakout of Corrective Structure Open Doors for Longs

FX:GBPUSD   British Pound/U.S. Dollar
739 12 25
After a sharp upmove price moved down into a descending channel . It has now broken the upper parallel giving us a nice buy opportunity.

Stoploss and profit targets as shown at the chart. If price reaches the first target we move stoploss to breakeven at the second one.

Regards,
John
Trade closed: target reached: Move stoploss to second position at breakeven.
Trade closed: target reached
Very nice! :) For this kind of trading is the impulsive wave necessary? Do you watch out for divergence ?
Reply
Fxprotrader morshedul.sazid
Yes, that's right.. Everything starts from an impulsive move.. Then i wait for the correction and either i trade the 0.618 depending on the structure or the breakout.. I watch for divergence mailnly at higher timeframe.. I hope that helps..!
+1 Reply
morshedul.sazid Fxprotrader
Thank you! Would love to learn more :)
Reply
Fxprotrader morshedul.sazid
:)
Reply
Great Read.
Reply
Fxprotrader Forex-De-Lis
Thank you James..
Reply
wonderful
Reply
Fxprotrader Piet.Hein
Thank you mate.. Wave patterns work wonder..!
Reply
Mughal2657 Fxprotrader
its very easy to understand the bigger picture of the market with the wave patterns
Reply
Fxprotrader Mughal2657
Very nice comment my friend.. Totally agree..!
Reply
Mughal2657 Fxprotrader
thanks bro
Reply
Piet.Hein Fxprotrader
I know ;)
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