EURGBP EW Count: Triangle to Wave-5

15 Eyl 2016After a strong impulse following an expanding triangle (see related idea), EURGBP has completed 3 waves of a possible 5 wave impulse to complete the combo wave. Triangles almost always occur in positions prior to the final impulse wave in the pattern of one larger degree, in the case 4 of 5. There could always be a further continuation sideways or a deeper correction toward wave 1, so it's important to be reactionary to price action. This idea was published after a bullish impulse on a smaller TF at an area where I expected one to occur, so this is a good opportunity to enter with a tight stop loss. Happy Trading!

15 Eyl 2016

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15 Eyl 2016

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I'm closing this trade at +5 pips. I did not see the impulse I was looking for, and a sideways correction could mean another dip down before continuation up. Quick small win, looking for a large win after I see another bullish impulse.

Will update in the AM