chessnut

GBPUSD EW analysis flat correction complete - sharp reversal

FX:GBPUSD   British Pound/U.S. Dollar
945 45 2
A flat correction in EW analysis is a 3-3-5 pattern. Wave B of a flat may surpass the extreme of wave A. Wave c must be an impulse. Here the requisites of a flat corrective count are met where wave V is an exciting ending diagonal - exciting because, like triangles, ending diagonals reverse sharply, and travel at least to the beginning of the move quickly. I believe we will begin trending towards new lows in the GBPUSD             , and EURUSD             as well from this point. Im not overly bearish however, I believe these will be the last lows for a fair amount of time. See my link below for an example of how this count should play out.
Looks good bud.... I've set a short entry at 1.54
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chessnut SunnyBTC
Best of luck, when it gets rolling it should steam along like a triangle thrust. Hope you caught onto the break up today too.
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yeh bro, i caught it 222. It should be a profitable week!
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do you think i is going to reverse from here? where to set TP and SL?

TP below 1.50?
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chessnut danndc
it doesn't necessarily have to reverse from this point, it could do a sneaky climb up to 1.5447 or so if you are unlucky. If you see any significant bearishness, chances are its not coming back. minimum TP is 1.49 by EW rules.
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danndc chessnut
thanks for answering, do you think that 1.5447 could be the highest? cause i got the stop loss at 15480 and i have no more stuck to cover it :)
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chessnut danndc
yeah if it goes higher than 1.5447 then the count is probably wrong
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danndc chessnut
sorry for bothering you, so do you suggest to close all the trades if it goes above 15447? where does this number come from?
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could you please keep updating this chart cause i need it cause i have positions open? :)
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chessnut danndc
no updates necessary. If im right, we go directly to 1.49, wrong we trade above 1.5477.
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danndc chessnut
what i mean is, because i see you are a good and expert trader, if you can tell us if the trade is going as you are predicting or not in order to close the positions if we are wrong.. thanks for your help
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chessnut danndc
cant promise but sure =)
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good to go.... on the 15min we are descending from a smaller ending diagonal. Could accelerate a lot soon.
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danndc chessnut
do you think we are going towards your prediction? can you tell me when to close my trades?

thanks a lot for your help
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hi chess, do you think we are going to 149 or we should close them at 152? i know it is too early but i would like to know your ideas
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chessnut danndc
hey, I think if we see sharp downside here we are heading straight for 1.49. close whenever you like!
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danndc chessnut
do you mean after CPI?
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danndc chessnut
just if you can tell us if you see any sign that tell us that is going up again.. thanks a lot
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chessnut danndc
sure. should be a sharp trend, dont hold it for days if its not making you money.
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danndc chessnut
i gotta hold it cause i have open positions at lower rate :(
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what is your ipinion after looking at GBP outcomes?
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chessnut danndc
the number is meaningless to me. it is disappointing that there was no reaction but the count is totally unchanged.
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danndc chessnut
so now can you update your count for us? it is really important :) thanks
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chessnut danndc
if it passes 1.543 the count is invalidated. it has not changed otherwise.
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danndc chessnut
so we have to wait and see, otherwise you think the count will be the same right?
if it passes the 5430 where do you think it will top?
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chessnut danndc
if it passes 5430 I dont have any expectations about where it will go next.
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danndc chessnut
ok thanks a lot, keep us updated please
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do you think your counting is still valid after this big move?
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Do you think it will start moving down now?
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chessnut GoldEarth
Well just checking now..... seems like it has been interrupted by news. its not really valid any more. Id trade something else.
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GoldEarth chessnut
Thanks :), yeah, the more hawkish tone of the BOE inflation report does indicate it would move higher rather than lower
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chessnut GoldEarth
GBPUSD - SHORT TO INTERMIDIATE TERM BEARISH

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do you think it can be still used?
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chessnut danndc
yes it is still very bearish as per the link above but shorts will require a greater tolerance for bullish action.
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danndc chessnut
what do you mean for tolerance? do you think could have been formed a double top reversal?
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chessnut danndc
i mean there might be a bit more to the upside but it is still very limited in terms of the bigger picture
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danndc chessnut
do you think that 15450 could be the highest?

there has been a nice rejection at the double top do you agree?
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chessnut danndc
I think it could go higher, refer to the above link, DanV knows better about this case.
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danndc chessnut
i see and he gives 15450 as top
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what is your opinio for this pair at the moment?

it broke the trend line, where do you think it will aim?
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chessnut danndc
target is the same, imo still bound for new lows
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danndc chessnut
so do you think it could break 1.4950? what about 1.52 zone? do you think it will rebound for new highs from there?
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chessnut danndc
nope, i think if it goes down here its not coming back for some time. 1.49 will fall.
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danndc chessnut
what about 1.52 area? all other charters are thinking about a rebound from that level. what do you think?
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hi chess, what is your opinion on this pair at the moment? maybe your count could start from your point II. yesterday we broke the wedge, does it mean anything?
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