GBP/USD Bullish Wolfe Wave and Projected Double Bottom
formation. The Bullish Wolfe Wave is invalid if price closes
below 1.3486.
GBP/USD is quite oversold at the moment across almost all
time frames, thus a minor bullish correction ought to seem
likely. If price is able to remain above 1.3458 by the end of
this month I believe there will be quite a rally to the upside.
I will post a Bullish Wolfe Wave pattern on the monthly
and weekly time frame after this one.
Trade Setup (RvR ratio 2.11) Only valid with double bottom
Entry: Close above 1.3608
S/L: 1.3537
T/P 1: 1.3630
T/P 2: 1.3757 (measured objective level of double bottom)
As always, adjust your S/L to suit your personal risk
management profile, and scale out your profits.
If price closes above the trend line drawn from point 1 to
3 of the Wolfe Wave pattern, then you can go long and
target the T/P levels as illustrated. I haven't included
any trade setups with a close above the trend line simply
because I don't when and where price will cross it.
Happy trading
formation. The Bullish Wolfe Wave is invalid if price closes
below 1.3486.
GBP/USD is quite oversold at the moment across almost all
time frames, thus a minor bullish correction ought to seem
likely. If price is able to remain above 1.3458 by the end of
this month I believe there will be quite a rally to the upside.
I will post a Bullish Wolfe Wave pattern on the monthly
and weekly time frame after this one.
Trade Setup (RvR ratio 2.11) Only valid with double bottom
Entry: Close above 1.3608
S/L: 1.3537
T/P 1: 1.3630
T/P 2: 1.3757 (measured objective level of double bottom)
As always, adjust your S/L to suit your personal risk
management profile, and scale out your profits.
If price closes above the trend line drawn from point 1 to
3 of the Wolfe Wave pattern, then you can go long and
target the T/P levels as illustrated. I haven't included
any trade setups with a close above the trend line simply
because I don't when and where price will cross it.
Happy trading