GBPUSD have one more leg before NFP? possible GU path 15 min

5 Okt 2018

Just a quick thought on GU.
Looks like we had a wave 3 move in US session, and perhaps wave 4 now in Asia.
Lets see if London executes the wave 5 or not.

Considering NFP news coming, any trades are risky right now.
I am only looking for 10-20 pip scalps for rest of this week.
After NFP and weekend, we might have different outlook of the USD (but I doubt it).

Background:
This post is an update of my GU adventure which started with this plan looking for shorts

After the big drop (which I caught most of) the next traps were set by this plan:

Then I fined tuned for one last round of shorts per this plan

As the down move looked to be ending, I plotted this path for short re-entries

I did take a bunch of short scalps off that last plan, and still have one short position riding a trailing stop.

So that brings me to the current situation, expecting bounce soon which will probably take out my trailing stop, and then I will look at my red zone for possible resumption of downtrend.
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Again NFP could destroy all counts/fibs/stop losses. ... Be CAREFUL
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5 Okt 2018

Nota

GU bulls trying to make another stand at this long term fib zone:

Those grey zones were calculated and posted on June 13, 2018