GBPUSD downtrend continuation Idea: adding GU shorts

1 Okt 2018

This is a follow up to my main short entries which started with this Idea:

Once the down move started, I was taking profits and adding shorts per this plan:

I am now looking for entries to add more shorts.

2 Okt 2018

Catatan

GU hit first target, and possible end of wave 5.
I dont think this is the ''bottom'', but lets see

2 Okt 2018

Catatan

Second target hit with ease. will it bounce?

2 Okt 2018

Catatan

GU bulls look to be holding mid-support for now, in UK session. I suspend US will buy GBP, EUR, and AUD soon. So am expecting a bounce here, which will give me more data to analyze.

2 Okt 2018

Catatan

GU hit the second possible wave (5) and bounced as expected.
Am starting to add shorts again

2 Okt 2018

Catatan

a close up of price action around my zones, good to see it recognizing them

3 Okt 2018

Catatan

Shots added here.

4 Okt 2018

Catatan

GU: Getting back to the main chart, we nearly hit the third target

I DO think the last target is still possible. This new fib shows a -0.236 extension (a very common overshoot of any wave) so that extension may well be hit.

However, the risk of a bounce is increasing, while the odds of collecting those last few pips are decreasing. So I closed 80% of my shorts during Asia session, and will re-evaluate once London starts.

4 Okt 2018

Catatan

GU: this EW count and the two fibs say the next target is still quite possible. Lets see what London thinks in a couple of hours.

4 Okt 2018

Catatan

I have posted a New plan for possible short re-entry zones, here: