merakshi

GBPUSD This rise is a TRAP

Short
FX:GBPUSD   British Pound / U.S. Dollar
Dear all,

I expect a "head and shoulder" pattern at GBPUSD to be shaped. The current rise is a TRAP. I assume this is "just" wave c of the ABC correction.
After forming wave ii, Price might impulsively fall in wave iii.

Once wave ii is formed, I will update the post with more information. Stay tuned.

Merakshi
Trade active: Trade active. Nice EDT in 1 min. with a throw over.
Comment: it seems we didn't fall into this trap :-)
Comment: Nice momentum. Hope did not miss it.
Comment: My trade is ongoing. I still expect the downtrend started at the rectangle area. This should be the SL.
Order cancelled

Comments

wonderful move
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merakshi xiaostorm
@xiaostorm, Let's check inner wave count and upcoming retracement. Might be a new opportunity.
+1 Reply
I agree as well. Just getting that good entry.
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merakshi ChinaManHimself
@ChinaManHimself, We are almost there. Just one piece is missing. I assume a precision landing for wave ii at: 1.2455
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@merakshi, I hope so, Im in it right now with S/L's at 1.2465 that would keep me alive haha
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merakshi ChinaManHimself
@ChinaManHimself, I suppose it will. My trade is also activated.
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@merakshi, Good luck
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here is what I will be looking at and monitoring on GU
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merakshi transparent-fx
@transparent-fx, Thanks for sharing. We share the same view.
Reply