Start of the trading week of August 4 – 9 / 2019 EWF members were already advised to watch for GBPUSD to make another move lower. The GBPUSD 1 Hour chart below, from our members area, clearly advises our members to watch for the termination of Wave ((iv)) in the blue box followed by a price reversal lower. Knowing which side to trade is key to be successful trader and by following our Elliott Wave count allows a trader to easily make a decision whether to enter a BUY or a SELL.
GBPUSD 1 Hour Weekend Chart 8.3.2019
Combining other trading strategies to match the Elliott Wave count will also add more confirmation and confidence in taking the trade.
The GBPUSD 1 Hour chart below clearly shows a multiple of other trading strategies (market patterns) that were also calling for another extension lower and why I traded and SOLD the move lower. 1st SELL entry was at the point D (BC 0.50%) of the blue bearish pattern where there was also a support/resistance structure (pink). 2nd entry is on the momentum swing low breakout (green). Let’s see if we HIT 1:3 RR Target (1st entry) and 1:1.5 RR Target (2nd entry) this coming new trading week. A clear bearish scenario.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade.
FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.