Eric Morera

GBPUSD : Calling the Move Lower

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 ***

At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos  and we have a 24 Chat Room. Our clients are always in the loop for the next market move.

Try Elliottwave-Forecast for 14 days FREE !!!   Just click here –> 

Elliott Forecast
Elliott Forecast (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions. 

Eric Morera

ResearchPool Subscriptions

Get the most out of your insights

Get in touch