This is my time at mode analysis of this pair. Currently kicking off with a strong uptrend off a longterm mode. The horizontal lines map different areas of high volume from the past, which were 'fair value' at one given time. They are magnetic in nature and offer valuable clues as to where price will move, or where price will stop and reverse. In Elliott Wave terms, there's a clear impulse in sight, but I'm not 100% sure about its construction. Quoting my friend's Nick Coulby's work, this might be the start of the 3rd wave, inside a larger 5 wave structure. This could always resolve into a series of nested 1-2,1-2 impulses that end up in an explosive move up, so I'll just focus on buying the correction completion.
Looking to buy the correction completion, will take a while...so, relax and do something else meanwhile.
IvanLabrie
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The count seems to be correct, judging by how the trend evolved.
Update:
Wave 3 of 3 complete, looking to buy the fourth (maybe short it, if the rate decision is negative for the pound but it's probably a no change scenario).
IvanLabrie
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Possible extended fifth wave here...would imply a steep retracement if that's the case.
Watching for the time being, might be a great short soon.
IvanLabrie
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Very nice uptrend here. Waiting for elections reaction. I want to short the correction to then long.
IvanLabrie
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Saw 5 waves up, sold 1.51729.
Target is a retest of 1.477 roughly.
IvanLabrie
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No trade here yet, might be a short soon.
IvanLabrie
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Might be time to book some profits.
IvanLabrie
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IvanLabrie
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Hourly view:
I'm already doubting this setup, thinking it all looks corrective.
It will probably work...I'll let the remaining 25% run with BE stop.
Looking to buy the correction completion, will take a while...so, relax and do something else meanwhile.