GBPUSD Long: Making Sense of the Correction
Updated
Hey traders! I'm trying to make some sense of this whipsaw action after the flash crash. We can see a correction is in process after the bearish impulse on 10/6. This trade capitalizes on a possible double combination wave: triangle -> flat -> zig-zag, where we are trading the final stretch of Wave-c. I want to move my stop to B/E quickly to protect the position from a potential triangle, which is a possibility in this scenario. However, I'm counting wave-a as a five wave sequence which if true will follow through as a zig-zag, hence this trade idea. More updates to follow. Happy trading
Order cancelled
All, Did not get the bullish impulse on the lower TF. However, I am now setting a LIMIT order with the SL below invalidation. The risk/reward is still substantial. See below. Cheers!
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