USDGBP Bearish 5th Wave
Updated
Lewglasgow identified a 5-0 pattern on Cable (kept the points marked in black).
A less sophisticated look would be a Elliott Wave 5 waves down and 3 wave correction.
With that in mind sell current levels (1.2330) and higher at 1.2450 if seen.
TP1 1.2200
TP2 1.2090
3x reversal at 1.2440 for break even or profits on potential moves into 1.2675
Once the 5th Wave completes and equal legs A-B-C correction should see a move back into 1.2375
A less sophisticated look would be a Elliott Wave 5 waves down and 3 wave correction.
With that in mind sell current levels (1.2330) and higher at 1.2450 if seen.
TP1 1.2200
TP2 1.2090
3x reversal at 1.2440 for break even or profits on potential moves into 1.2675
Once the 5th Wave completes and equal legs A-B-C correction should see a move back into 1.2375
Trade active
Sell entry at 1.2335 executedTrade closed manually
Stop Loss moved to 1.2315(Optional) 1/2 of position closed at 1.2250 for 85 pips.
Overall setup still valid
Trade closed manually
Trailing stop on 1/2 position hit at 1.2315End result (85 pips *0.5)+(20 pips*0.5) = 52.5 pips
Note
5th Wave Terminated at 1.2107
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