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.

Trade closed: target reached: Move stoploss to second position at breakeven.
Trade closed: target reached
Fxprotrader Piet.Hein
Thank you mate.. Wave patterns work wonder..!
Mughal2657 Fxprotrader
its very easy to understand the bigger picture of the market with the wave patterns
Fxprotrader Mughal2657
Very nice comment my friend.. Totally agree..!
Mughal2657 Fxprotrader
thanks bro
Piet.Hein Fxprotrader
I know ;)
Great Read.
Fxprotrader Forex-De-Lis
Thank you James..
Very nice! :) For this kind of trading is the impulsive wave necessary? Do you watch out for divergence ?
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
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