gbpusd

Last friday a doji was formed, as expected. So far the downtrend is beginning but I didn´t enter the trade. If we had a five-wave uptrend, we can expect a correction. If not a five-wave in downtrend, at least a three wave correction.


If we are in a downward five-wave impulse action, we are at the beginning of a wave three and anyone knows that this should be the one to be taken. In a closer look we can analyze the 4H chart. On friday we had the perfect entry opportunity with a spining top at morning. By now I would like to enter a trade... the question is when. With a trailing one bar entry Tr-1BL I should enter the trade at 1.6640 but now is too late with price around 1.6600. The stop should be around 1.6750


Should I enter now? Or I need to wait for a kind of Gann pullback. But hesitation hits me again. The old adage is never wrong... trend is your friend, you don´t need, want or be able to fight against it. We are in a strong uptrend. Why should I be going short? when the trend is bullish. Time will tell.

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