FINALLY! Can I exhale now? After getting beat up, chewed to bits and spit out by this pair yesterday, I think now I can call a beginning to the wave 3 to be in place. I think. Now to deal with a pesky little matter of a completed bearish cypher....
As I said in my previous post (see Related Ideas: "GBPUSD: Let's Try This AGAIN! Could Wave 2 Be Done Now?"), I am in LONG already from the C point of this cypher. So now that prices have reached and filled this cypher, what to expect? Well, I also said that the ride up this wave 3 would not be a smooth one. So now I am expecting that prices will respect this cypher and will give a pullback. How much a pullback? Who knows? In any case, I am holding my LONG positions from the C point and moving stops to break even so that regardless, this is a risk-free trade for me. I am not taking any profits off this cypher as I am holding my FULL LONG positions for the long term. Ok, at least up until the NFP! I'll make a decision before then as to whether I hold or fold. Or maybe I get taken out before then. So be it!