GBP/USD Trade #2
CHART 1
Active Wave 1:
L: 9703 H: 9777
ENTRY: 1.9714
SL: Currently Floating
CURRENT PROFIT: 0
We determine that a new wave is active by noticing a correction of a valid W40.
(At Least 40 Pips prior to the correction)
- We
redraw our fibonnaccis levels*
- We
disregard the previous W40.8 fibonacci levels*
OUR BIAS: No one "whole" candle has closed over 75.0% Fibonnacci Level of the newly drawn
W40.1 (40 Pip Wave) so we hold Short, until a whole candle closes over.
Please look at the acompanying Head and Shoulder chart as well.
This is a very valid possibility considering that we got rejected by 9750.
We may well have a top here.
Regards,
E. Lang