GBP.USD

[arco]

Expecting a possible rise today so
trade closed @ +75pips

[arco]

There was a slight one day rise as expected
but the fall has resumed with first targets
perhaps in the 7300-7340 region.

18-21-31 May could be directional dates.

[arco]

Maybe an explosive move about to happen?

[arco]

The possible Flag consolidation appears to be developing into a Reverse Symmetrical (bullish), and if that is the case there will be a fall to 'e' completing corrective '2', and a reversal should follow. I have 30 June as a significant date. (Amended from 1 July).
There is a chance that 1.8000 could be seen first IMO.

[arco]

The chart appears to show we could be at or nearing the top.
Perhaps minor wave 4-5 of 3AB. Prepare for descent to C.

[Craig3215]

GBP looking strong with a break out of that range and the triple play in the macd; divergence, moving ave cross over, and centerline cross over

[dumbass]

currently short gbp 19730 sl 198 target a lot lower

3 rd wave down in progress , confirmed down trend line

risk event 11 gmt boe rate announcement should cut and give a push lower

retracement up has broken down

[roddy]

Hi DB

Nice post, just an observation are you preferring to elliot wave count in preference to butterfly patterns eg d leg in the making at present on this one,are you finding wave count more reliable,or no particular reason?

cheers
roddy

[dumbass]

hi rod

a bit of a shocker got stopped out

this trade was based on 15 min chart , there was a nice elliot wave count but it was wrong

the daily chart is really used for the big picture direction

im as sure as you can ever be in this game that gbp is going lower unfortunately the stop

loss would be 2.001 top of internal wave 2 (top at 04/04 )

so just tried to sneak on down trend with a resonable risk reward so will defintley look for

another short entry

the butterfly has no real relevance until action gets near the reversal zone

been watching euro closely looks like an ascending triangle forming ill post on euro thread

[arco]

Thats an ominous black candle me thinks.
The action has tested the box and the top may now be in.