GBPUSD sep10

The sHs pattern seems that was true, so, the cross went up from 1.6200 aprox to 1.6646 so that´s 446 pips in six days. I would like to be in the trade but I didn´t jump in.


What is happening now?... Not too clear to me but this is what I´m seeing...

We have completed a five-wave cycle labeled with green numbers. Blue ABC waves represent a possible reverse pattern, then, a first leg in a new downtrend.

I´ve drawn fibonacci levels and seems to me that wave two could be reaching the 38.2 level. Stochastics are overbought and seems a possible cross to the downside. Remember that round numbers are resistances too! so 1.6700 will be something to take care about it. Tomorrow the markets will give more clues about it. If we see a doji, that could be a confirmation of an exhaustion of bullish traders.

The alternative scenario would be a bullish candle breaking the 38.2 level. The next resistance level would be 23.6 and if the price breaks it too, the downtrend have to be dismissed and price would go beyond 1,7040 (august 5th high).

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gbpusd review

A lot of time has pass, and market flow with grace...

Let's review what happened since last gbpusd update. My target around 1.5325/1.5352 was nicely reached one day after my prediction at may 12th, but... that time I stated that should be taken as a short trigger. How wrong I was...


I have labeled with green numbers the major elliot wave count. We can see that this was the wave three and it's always the longest one. In may 12th we were at the middle, nevertheless, we can appreciate the congestion (or consolidation?) between those days, just for watch market break that resistance level and go higher and higher.

With blue numbers I've labeled a minor elliot wave count. We can see that wave three
reached 2.618 fibonacci level... coincidence? don't think so.

What's happening now? I can appreciate a SHS formation there. What should do? I think that we may go long but we never know for sure.

Things that I have to work with... entry strategies.

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Back to the known

Too many things have distracted me in this last few weeks/months... If I want to make this right, I have to be more serious about it.

Never is too late and hope is the last thing to extinguish, but do not confuse hope with knowledge. I´m not talking about markets. There is not such thing as hope there.

Studying charts... my only distraction from now... what timeframe should ask yourself... I don´t know. I do know that any timeframe reacts almost equally to technical analysis. I would like to start to trade again. A larger timeframe requires a bigger stoploss so if everythings goes against me, 2% per operation shouldn´t be enough, so a minor timeframe more than likely would be a possibility.

Tomorrow an update about what happened with my gbpusd analysis from way back.

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Karma?

My ass!

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Standstill

Never look back... but never forget!

Shatter...

Hope?

Life is a bitch... get used to it!