Yes, this pair has given me FITS the past couple of weeks! If you have been following my posts on this pair, you'd know I've had to eat humble pie on so many of my posts and trades on GBPUSD! But now I think it is clear what is happening and how this is going to unfold. I'll do a more in-depth analysis on this pair soon but for now I want to leave you with some idea of what I think is going to happen soon.
4Hr CHART Wave Count & POTENTIAL Bat Pattern This bat has been in my sights for weeks now and prices are finally showing signs that it will move on up the CD leg. By my wave count, it is now well into the wave 1 of a 5 wave movement of the large wave C of the ABC correction. Wave C should be a nice LONG ride up!
CONCLUSION AND MY TRADE PLAN I'm already in LONG on this pair and have been holding those LONG positions for WEEKS now! But currently, wave 1 of the 5 wave up move in wave C should be coming to a close very soon probably near the minor structure level straight ahead. After that, wave 2 should commence and wave 2's have the ability to retrace all of wave 1 so be careful! Of course, the big "prize" is to catch the beginning of the ensuing wave 3 up. I'll be keeping a close eye on that happening. For now, I'm just holding my LONG positions and not adding any more. I'll wait for the wave 2 to begin to MAYBE take some SHORT positions but really, I'm waiting for that darn wave 3!
Your number 1 was spot on!! Well done.....I have confluence for the short here, ( Plenty of pips in wave 2 also but it looks as though you trail wider stops on a longer time frame which is great ) I count 7 swings on the hourly ( I use Allan Andrews counts not EW rules ) which tells me Swing 1 time is up. Looks like your point 1 was at Major SR structure but is your point 2 calculated? ie. at structure or retracement? The reason is my post for 2 target is very close to yours @ 1.54853 which is based on the hourly double top 200% down from the (M) structure..Nice analysis EF:)
Timing_is_key
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Missed your update!....it's calculated off the cipher, thanks still nice confluence