Top Trade Idea For May 29th, 2014 – GBPUSD

Top Trade Idea For May 29th, 2014 – GBPUSD

By Mircea Vasiu on May 29, 2014 10:23:54 GMT

  • Tweet
  • Email
  • Tweet
  • Email

Still on the gbpusd this week but while the previous week we looked at the bigger time frames and expected a running variation of a contracting triangle to form on the pair, now I want to focus on short/medium term trading and this is the hourly chart.

From the highs and to the recent lows as you can see we have a three waves structure, but this one comes in the form of a flat, with the structure of a-b-c. This structure is a 3-3-5, in the sense that the previous two waves, a and b are corrective, and the c wave is an impulsive move. Pretty standard flat, but looking at the retracement level for the b wave purple we see it is a flat with a B failure.

This kind of pattern, when independent (like seems to be the case here), should be completely retraced in less than the time taken for the c wave purple to form.

Projecting that time on the right side of the chart, we see that 1.79 should come in the first half of June and therefore I would recommend a long position by the time the 1.6750 area goes, having a stop loss in the 1.6650 area but targeting 1.6916 (highs in the previous b wave – B failure, remember?) and finally the all important psychological level.

I would say that time is already started to tick.

p style=”text-align: justify;”>About Mircea Vasiu

Mircea Vasiu has an MBA in International Business from an American University, graduating Magna Cum Laudae. He has been a professional trader for the last 8 years and is involved in various educational projects for different financial companies. He also runs a trading signal for the currency markets at www.capitalpropertiesfx.com.

Recent posts by Mircea Vasiu

  • Top trade idea for December 1st, 2016 – USDCAD
  • Top trade idea for November 24th, 2016 – USDCAD
  • Top trade idea for November 17th, 2016 – EURAUD

MORE LIVE RATES
Economic Calendar ForexNews.com News, Charts, Research & Video

Copyright © ForexNews.com | Privacy Policy

Market commentary and/or opinions presented do not necessarily represent the opinions of ForexNews. You are advised to conduct your own independent research before making a decision. This website is an information site only. Accordingly, ForexNews makes no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. You should obtain individual financial advice based on your own particular circumstances before making an investment decision on the basis of information on this website.

Будьте первым, кто решился написать!

Поделитесь своим мнением:

E-Mail адрес не будет опубликован.


*