DrBear

GBPUSD, an exciting MEGAPIPS opportunity!

FX:GBPUSD   British Pound / U.S. Dollar
Hi Team

Here is my GBPUSD overview, after requests to do what I did for EURUSD .

We can see that we had a breakout on the daily time frame from the major descending channel .

We are now in a slow-moving ABCDE Elliot wave correction on the daily timeframe .

The overall structure is of descending wedge or perhaps bull pennant formation.

IMPORTANTLY, we can see that the correction is respecting every single Fib level we have noted from the breakout impulse (see chart).

We can use this to our advantage.

I will shortly post two trade ideas:

1.) Bear run counter-trend trade to 0.618 Daily Fib level
2.) Major bull run swing trade, on the rejection of 0.618 Fib and re-test of the major channel

It is SO important to assess the larger time frames, and not get bogged down in minutiae. Patience is profit, and if a trade isn't yet ready - just wait!


If you like what I do, please please do like, comment and share - it really helps me with the TV algorithm, and motivates me to keep providing this content for free.


Good luck, trade safe.

DrBear