On the GBPUSD I am looking for a bounce on the bottom of the channel or a breakout.
Looking at the bull wave there is a wave 1, 2, extended 3. This pullback could be a wave 4 and the bounce a 5.
Longer time frame shows a likely bullish continued move back to the trend line resistance area.
Either way I am looking to add to my buy position at the channel support or close the long position and move to a short position if a breakout occurs of the channel.
This is for my trade journal only. Use your own system and good money management.
*Ignore the sell the breakout to the left that was related to the previous move.
Looking at the bull wave there is a wave 1, 2, extended 3. This pullback could be a wave 4 and the bounce a 5.
Longer time frame shows a likely bullish continued move back to the trend line resistance area.
Either way I am looking to add to my buy position at the channel support or close the long position and move to a short position if a breakout occurs of the channel.
This is for my trade journal only. Use your own system and good money management.
*Ignore the sell the breakout to the left that was related to the previous move.
