GBPUSD H4 Z Wave Up.

H4 We have no bearish divergence so I'm looking for the Z up. Were in consolidation in the X wave and I expect this to continue for a week or more before I will consider taking a buy signal for the Z up.

Experienced traders can scalp short down to the 38.2fib but by the look of price action were in a correction and it will be choppy, I'm only looking to trade the impulse Z up and won't be wasting my time or risking my account scalping against the H4 trend.

There is a short H1 bear setup now which look's quite good for a scalp down to the 38.2fib if anyone want's it.

I'll update this idea once we get more data with possible buy setups.

Good luck and trade safe!

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Comment:

H4 playing out as expected with the correction taking place, I'm looking for price to break below internal wave A then we can look for the buy.
H4 Chart.

Comment:

H4 We havn't got an ideal correction but the time factor is there for a contracting flat. We have BOE out in a couple of hours so trade with care.
H4 Chart.

M30 we have bullish divergence, I'll be looking for TL break and bull flag for the buy.
M30 Chart.

Comment:

So we didn't get TL break and bull flag on M30 and price pushed lower. Now on M15 we have a opportunity for a buy and to get it to BE if it doesn't break the TL this time. Look for your buy setup, but be cautious as it could just be a little C up.

Comment:

If your not already in the buy wait for a bull flag.
H1 Chart.

Comment:

C down then lets see if we get a buy setup.
M15 Chart.

Comment:

H1 were getting a bull flag, in my opinion best way to trade this is a buy stop just above the high.
ALT we could be getting a structure similar to this chart so keep a tight SL if your triggered.
H1 Chart.

Comment:

So as per last update you should have been triggered into the trade and moved to BE, I'm targeting the 161.8fib.