Thursday, 13 February 2014

USDGBP uptrend

Hi Traders,

It's not a mystery that the Pound is commonly named "the" by traders. It can be really tricky, you wouldn't disagree.

I have to confess that I was abit too complacent last night and I was stopped out.

But I am sort-of-excused as I witnessed too many irregular formations on the Pound in the last 5 years in terms of:
  • unusually complex retracement formations
  • unusual high number of double-triple tops and bottoms
  • uncommon number of broadening formations
In practice the GBPUSD gave me quite a hard time but, in positive terms, I think that this is part of my never-ending learning curve.


Although the GBPUSD (now at 1.6616) is heading to 1.6763-1.6820 and maybe 1.7045-1.7186, it might stage a limited retracement very soon.


likely: area 1.6763-1.6820
possibly: 1.6880
maybe: area 1.7045-1.7186


The monthly and weekly charts show that this is the last wave up (wave 5). The daily chart shows that this is the 5th of the 5th. Hence: watch carefully the 4-hour and the 1-hour chart to spot the end of the trend.

monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over the daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over the 4-hour chart - click to enlarge

1-hour chart - click to enlarge 

wave oscillator over the 1-hour chart - click to enlarge

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