GBPUSD short to go long: GU to correct then go up more?
Diupdate
GU moved up with momentum late last week.
I am looking for a pullback and then continuation up.
Of course, Brexit news could stop any move instantly, and this up move was based mostly on talks with EU.
So I am watching the green zones for support to enter longs, and red zones for take profits.
Background
My GU adventure started with a search for top of uptrend around Sept 20th
Then came the big drop, which I caught most of. Then I started looking for bounces to short
After catching a few scalps and a couple big rides down, I was then waiting for a pull back again
During the pullback, I managed to get in a few short scalps but with tight stops
Then, just before NFP, the Pound started getting some good news and showing signs of bullishness so I threw some longs down
Which brings me to the current plan, expecting a wave 4 retrace to then long into a wave 5 which could easily become extended if Brexit sentiment remains positive
I am looking for a pullback and then continuation up.
Of course, Brexit news could stop any move instantly, and this up move was based mostly on talks with EU.
So I am watching the green zones for support to enter longs, and red zones for take profits.
Background
My GU adventure started with a search for top of uptrend around Sept 20th
Then came the big drop, which I caught most of. Then I started looking for bounces to short
After catching a few scalps and a couple big rides down, I was then waiting for a pull back again
During the pullback, I managed to get in a few short scalps but with tight stops
Then, just before NFP, the Pound started getting some good news and showing signs of bullishness so I threw some longs down
Which brings me to the current plan, expecting a wave 4 retrace to then long into a wave 5 which could easily become extended if Brexit sentiment remains positive
Catatan
GU approaching first possible support. might bounce here Catatan
GU bulls tying to hold the first support. But the break below 1.618 extension was not a good sign for bulls Catatan
London Open pierced the support, as hinted by break of the 1.618 earlier Catatan
Well we got quite a retrace, due to Brexit news.Price broke through both support zones, and is close to invading wave 1 territory.
ie: uptrend might be done. Evaluating now, and will post an updated idea.
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