GBPUSD Technical Analysis
Start of the trading week of August 4 – 9 / 2019 EWF members were already advised to watch for GBPUSD to make another move lower. The GBPUSD 1 Hour chart below, from our members area, clearly advises our members to watch for the termination of Wave ((iv)) in the blue box followed by a price reversal lower. Knowing which side to trade is key to be successful trader and by following our Elliott Wave count allows a trader to easily make a decision whether to enter a BUY or a SELL.
GBPUSD 1 Hour Weekend Chart 8.3.2019
Combining other trading strategies to match the Elliott Wave count will also add more confirmation and confidence in taking the trade. If you follow my Twitter handle you will see on August 8/2019 I posted –> ” Will be watching for possible selling opportunities ” and ” break below 1.2094 can extend move lower towards the 1.2007 area “.
The GBPUSD 1 Hour chart below clearly shows a multiple of other trading strategies (market patterns) that were also calling for another extension lower and why I traded and SOLD the move lower. 1st SELL entry was at the point D (BC 0.50%) of the blue bearish pattern where there was also a support/resistance structure (pink). 2nd entry is on the momentum swing low breakout (green). Let’s see if we HIT 1:3 RR Target (1st entry) and 1:1.5 RR Target (2nd entry) this coming new trading week. A clear bearish scenario.
GBPUSD 1 Hour Chart 8.9.2019
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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