after an impulsive wave 1 of 3, market began the correction phase forming wave a , wave b and now in wave c to complete wave 2 of 3. count is voliated if price retraces 100% of wave 1 of 3(region around my stoploss).
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*.
Here we look at buying the GBP/USD exchange rate as the market prices in the expectation of a Brexit deal over the coming week.
We look at entry price strategies and one-month volatility stop-loss area's.
Taking a look at the price action on GBPUSD we can see a potential level of support set up for a possible move higher at around the 1.3200 big figure.
As you can see from the 1 Hour chart, we have a possible convergence of factors that could increase the probability for a move higher.
The 1.3200 level being a big figure level in general is psychological level...
Only entering this trade if we have a bullish engulfing over asian session candles.
I do 300-500 pips a week. Telegram Signals in bio.
Quick enter and exit trade for 30-100 pips.
Market psychology. The banks and firms do exactly the opposite of what the retail traders do. That's how they make their money. This, if criteria are met, will be the perfect example.
I opened buy order on GBPUSD at 1.3204
SL - 1.3155
TP - 1.3380
RRR - 3.59
Reason - Price was breakout 4hour and 1hour angle level. SL 50 pips. And 178 pips to renew near high. If GBPUSD now has good volatility so it can be good order.
Monday, Tuesday and Wednesday - has main news for GBP pairs.
But pair has big long impulse on 7 feb. And next - 3 lower lows on correction.
So right now we can open long position on GBPUSD on 1.2920
SL on - 1.2851 - near 70 pips - big SL so use not big order volume.
TP - 1.3100 and RiskRewardRatio - 2.64.
On the 4hr chart on GBPUSD a bullish bat has formed. This is a good opportunity to look for bullish evidence and buy. This week will be filled with lots of News it is important to use proper money management and tight stop losses before news are released. Cheers my people.