GBPUSD 1H BUY

30 Nis 2022

NB FOR ELLIOT WAVE TRADERS ONLY

As you can see I believe the low of this past week was the end of wave 3 and that wave A of the correction lasted the duration of Friday, now I'm waiting for wave B to complete in the 61.8% Fibonacci retracement of A (around 1.25000) where I will take two trades:

1. in the belief that wave B will not travel further than 61.8% of A and ends in wave C terminating at 38.2% of wave 3 and

* 2. in the belief that if wave B travels further than 61.8% of A, I have a stop loss to take this into consideration and to increase the risk-to-reward ratio placing our take profit where wave C terminates at 50% of wave 3 (Around 1.27500) then moving the stop loss once it has reached 38.2% of wave 3

Please feel free to share your opinion and ideas (with regards to Elliot waves)

2 May 2022

Not

Wave (a) of B complete

2 May 2022

Not

Wave (b) of B complete, wave (c) near completion

2 May 2022

İşlem aktif

I believe wave (c) ended at the 50% fib around 2500, I am long from 1.2520

3 May 2022

Not

I was a bit early but trades is running well

3 May 2022

İşlem elle kapatılmış

Trade closed at 1.25400, rules were violated indicating further downside