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fibochenko
May 8, 2020 6:04 AM

GBPUSD wave 5 is starting 

British Pound/U.S. DollarFXCM

Description

It seems wave 4 is completed in form of a regular flat correction and wave 5 is starting by bulls !

Trade active

It is possible we have a nice head and shoulder when wave 2 of 5 is forming.
a good strategy is when price breaks neckline which is compatible with main strategy that offered.
Another strategy is enter in end of wave 2 by taking long position in 50 - 62 % of wave 1. Less accurate but more potential profit and less stop loss.

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you can see another analyze of this symbol inthis link:

Comments
Dave-FX-Hunter
Nicely done, appreciate
ZakariaForex
I think you should put your tp higher
fibochenko
@ZAKARIA070,
Tps are calculated based on elliot ratios for wave 5.

Normal tp is tp 2 at 1.2825 point.
Tp 3 is near a strong resistance trend line.
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