For context and my previous post see link below: We might have seen the bottom for wave 4 in green but I don't like the structure that followed to favor a bullish continuation from these current levels. Nevertheless short term we see a bullish impulse on the 1 hour time frame. Therefore we might see a buy continuation trade soon once we see a consolidation. I will buy the continuation. Once we see that what I expect to be the last leg higher I will be looking for a bearish reversal for a move towards 0.81. If we accelerate higher from here we are good as well since the first trade will be a buy trade after a consolidation due to structure of lesser degree which can be seen on the 1 hour time frame.
Updates will follow and keep in mind that the arrows are indications.
Moving almost exactly as we wanted for the perfect sell, watch for sell next week. But most importantly we saw that new wave up which completes a corrective extensive wave count in combination with many overlaps.
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EURGBP is moving as we wanted, I determined my minimum target zone for now (unless structure will change) A wave C never comes in one wave so if you didn't short EURGBP yet, wait for a consolidation and sell the continuation. updates will follow
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RenkoCloud
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Great....
LongBreak
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sems to me one day up ..
TimStuyts
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Yes wouldn't surprise me neither. From the low for 'a?' in the chart we see a corrective structure (so far) and I need one consolidation and one last leg higher for everything to line up. One day might just be enough for that to complete.
btM_Afta
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BOE meeting ahead, something that could change this view?
TimStuyts
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If you are already short you should manage that position, If you are not in the trade then wait for the consolidation and sell the continuation. If price reverses we adjust if necessary. At the moment I don't see BoE surprise so I see this structure completed as most likely outcome. But let's see what's next and then we trade the continuation.
btM_Afta
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Im not in ... but BoE could cut rates right? that doesnt make this pair go up ?
TimStuyts
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Sure they could, so that's why I explain what to do in both scenario's. It either consolidates and then we sell the continuation OR it reverses and we adjust which means let the first impulse settle and then buy the continuation. Remember there is no need to trade, the trade either presents itself or it doesn't, so as long as we know what to look for we can either trade it or say the probability is too low and therefore we move on. What the BoE does is not relevant because either way we know what to do. In terms of fundamentals it is more complex than to say if they do this that would happen. I will teach how to interpreted fundamentals in my course but it is too complex to explain it here on Trading view.
RenkoCloud
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So basically, we will see a short term uptrend before it drops down to complete W-X-Y?
TimStuyts
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Yes, I personally like to see a consolidation now, then last leg higher for the completion of wave B, then sell for wave C to complete wave Y. On my website I will show these trades live by means of live webinars. For now I try to elaborate as much as I can on what I see and expect.