GBP/USD — If I'm correct about the triangle, the lows we have been seeing for the last few hours will put in the E, which will open up the market for the larger move up above 1.6661. ....We'll have to wait and see how it all plays out.

Elliott Wave Trading

GBP/USD — Make that 67. I just took another 10 on the up move that just happened. That's good enough for me for one night/day of "scalping". I'll check back in a bit and see what else is setting up so I can get some larger moves with lower ...

Elliott Wave Trading

...ya, well, I guess that's getting technical. Either way, I just took 57 pips out of the market by shorting the GBP/USD. She'll still go a little lower on this move, but I'm good with 57.

Elliott Wave Trading

GBP/USD — I think we may be looking at a barrier triangle in the making, with A being the move down from 1.6661 to 1.5802, B running from 1.5802 up to 1.6620, C running from 1.6620 to 1.6210, and that would put us into D which should then also ...

Elliott Wave Trading

Hi BlueBottle, I used to follow many pairs, but now have only regularly been following/trading the GBP/USD. Currently, if I'm correct, the GBP/USD is in the completion phase of wave 2 of 5 (on its way up to C/Y). I also do cross-market analysis, ...

Elliott Wave Trading

GBP/USD — I've got the same two possible counts, with my sentiment to the bullish side (as a flat count) for now (one more leg up above 1.6661).

Elliott Wave Trading

GBP/USD — By my indicator, it looks like a wave 4 on the 4H chart, as mentioned earlier. Wave 5 of C of 4 up looks incomplete (by my indicator) so, I'm still expecting one more new higher higher above the 1.6661 level. If this indication ...

Elliott Wave Trading

GBP/USD — Good morning Saras, I'm looking at either a 4th wave down on the 1H chart that is almost complete, or I'm looking at an A wave on the 4H. Either way we should see price action come up soon. If we're moving into a 4th wave on the 4H ...

Elliott Wave Trading

Nice count.

Elliott Wave Trading

GBP/USD — Trunkcated 5th on 1min. chart for that wave c of 4 on the 15 min. chart. Looks like wave 5 on the 15 min. chart should take up into the 1.6613-1.6632 area. Sara, You may be correct in that we are in the 5th wave on the 4H chart. That ...

Elliott Wave Trading

GBP/USD — Wave 5 of C on the 15 min. chart should make a new low below the 1.6525. Currently in wave 4 of C by the looks of things. If you're short a good place to exit would be 1.6515.

Elliott Wave Trading

GBP/USD — Hi 4cfx, From what I can see at the moment, the drop down is likely to end around the 1.6500 area and will be a wave 4 on the 15 min chart. To address the daily chart question, it's unlikely that wave 4 is not completed. I think we ...

Elliott Wave Trading

GBP/USD — Top of a wave 5 on the 1H chart...We'll have to wait to see if their will be a further (small) push high above the 1.6564 level, but the 1H wave 5 is done (if not all but done). 4H chart is indicating a top of a wave 3. If this ...

Elliott Wave Trading

GBP/USD — The 88.6% retracement level at 1.6564 will likely produce a bounce downward at the least. I'll be watching to see if a new 4th wave forms (on my indicator) on a higher time frame.

Elliott Wave Trading

GBP/USD — We are currently very near the 88.6% retracement of our current high at 1.6661. Momentum is still to the upside (bullish) on my daily chart. That said, this week is drawing to a close, and my 4H, 1H, and 15 min. charts are indicating ...

Elliott Wave Trading

Hi Rocroy, As a general rule, yes indicators lag the market by some degree. What I am working with is a predictive indicator, but as I have said I'm still working out some things. That said, it's better than anything else I've seen and helps with ...

Elliott Wave Trading

Hi Phi, Yes, you can trade the lower time frames during counter trend moves, but depending on how short the time frame(s) is/are that you are looking at the trades may be very small (scalping). So, just be aware of that and take small profits.

Elliott Wave Trading

Hi Phi, I find that often EW counts and the alternate counts that you can often find tend to agree with the general market direction (i.e., bullish, or bearish overall trend); however, they will differ with regard to the ultimate high/low that the ...

Elliott Wave Trading

GBP/USD Wave Count — Hi Blue Bottle, Thanks for your count(s). I can understand each count with no issues, as they are very clear; however, my custom momentum indicator, on the daily chart, (which tends to be pretty accurate) is indicating ...

Elliott Wave Trading

GBP/USD Wave Count — Hi Blue Bottle, I'm curious as to what your wave count is on the GBP/USD! Do you count the high of 1.6661 as C or 4, or wave III of C of 4? I've got a couple alternate counts, and I'm debating as to which one is likely to ...

Elliott Wave Trading