In my previous analysis on gbpusd... supposedly wave iv overlaps with wave i meaning that wave cant be counted as wave iv and the previous impulse wave cant be counted as iii too. therefore new wave is an extension of wave III* of wave 3*.
Today, the indicator "Kenji" on the daily GBPUSD chart generated a buy signal.
Let's give some explanations on this signal.
This is the ordinary signal to open the trade with a basic volume .
According to the indicator, the price of GBPUSD is currently in the active uptrend phase (the area between the fast and slow averages is colored blue). At the same...
The pair maintains its laterality, which enhances the idea that it will continue in an uptrend. A clear flag marks this lateral movement. At any moment we should see a bullish momentum. If we see it with Elliot Wave , we would be in front of a lateral 4 wave. going in search of wave 5, and resistance.,,
As the buyers have strong reaction around the significant support and and big bull D1 bar appears. If today is a bull bar, we can clearly have a buy setup with good R:R here. Take your chance and wait it to reach 1.3. SL below the lowest points of last D1 bar.
GBPUSD has hit a lovely energy point right at the cross. Also on the horizontal line very close to the last major bottom. Plan is to go long here and hold for different TP's depending on one's ability to hold medium or long term. Stop Loss should be placed below the downsloping Median Line and also a bit below the last major bottom, in case of an overshoot of the...