GBPUSD Analysis on Nov 2016: setting up long position
GBPUSD Analysis – Talking Points: GBPUSD Technical Strategy: Temporary bullish view Elliott wave Count: Either wave three or alternate wave C is due. Analysis GBPUSD (Great British pound vs US Dollar) is looking another high towards 1.2868 horizontal weekly resistance. also on smaller time frame, pound is suggesting another high in bullish count. This count can be either wave three or on alternate this could be wave C.
As we’ve 1st leg up was 5 wave impulse, we expect zigzag correction at least towards 1.2868. we’ll mark that move as reversal or correction on that resistance only. but looking for trading chance, we’ve nice long setup coming up. Action we ar looking for attractive level to go long on pound vs US dollar with limited stop loss.
In Other View Point – GPBUSD potential trades for the week
The main trend is downside. when we go for lower time-frame in the 4hours there’s a possible bat pattern , for my strategy i’ll wait for more confirmation like RSI OB or maybe AB=CD PATTERN . but also the price is created recently higher high higher close , and it indicate for potential continuation for the upside . and we will see in the four hours time-frame potential cypher pattern good trading week for everybody.
In Another View Point – GBPUSD: Bullish & Bearish Advanced Pattern Formations
Here’s a look at the chart I went over in this week’s Forex market Preview video looking at 2 potential advanced pattern formations setting up on the GBPUSD. In RED is a potential bearish Advanced Bat Formations & in green is a potential bullish Advanced Gartley Formation good luck in the markets in the week & hopefully the new Pattern Assistant Tool can create trading a little easier for you.