This is my first post here:eek: I’ve been trading Forex for 2 years now and I believe I am starting to understand price action and market cycles. I am currently trading GBP/USD. I actually enterd a short trade at 1.653 and am currently sitting fairly decent. Well price finally broke out of this testy wave 4. Actually went up as far as 1.656 level before heading down. I believe it was definitely in a wave 4. Now we have just finished leg 1 of wave 5 and are currently in leg 2 of this 5 wave pattern. I still have my targets set at 1.637 and 1.627 conservatively. I look for price to finish this off tomorrow hopefully. We need the Dow to break down somewhat. It is just hanging there ready to fall. Tough market to trade right now. Let’s see where we end up. I went ahead and set break even on my positions just as a safety.
