Today's market structure and potential trade setup

[dwijaya]

Hi Traders,

Today I would like to start sharing my view of market structure for trade setup opportunity. My analysis based on practical Elliot wave structure impulse and retracement. I am not market analyst, but only independent part time newbie forex trader.

Analysis usually performed using top down approach from weekly, daily, H4 (higher timeframe) to 30M, 5M (lower timeframe). On higher timeframe usually I look for significant candlestick formation, pattern, support resistance. While on lower timeframe usually I look for wave pattern identification and trade setup. My view will always subjective and will not 100% correct due to dynamic nature of the market. Sometimes the wave formation will mutate into another formation.

Please be understand, due to my working activity, I may late to respond and reply to this thread.

Have a good trading

Dhani

[dwijaya]

3 hour before London session today, sell opportunity for GBPUSD

ACTION: No need to rush SELLING

Bearish impulse down seen from daily chart, and corrective ABC may be completed (see H4).
Meanwhile Bull still have power to have another impulse for Wave 3 once minor correction abc completed (see M30).
High probability sell trade only after correction end with 5 wave count in lower timeframe (Wave C.5)

Note: by default contain 4 images: Daily, 4H, 30M, 5M