Hi Pipeye, The only time frame I can count 5 waves down on right now is the 1 minute chart.

Elliott Wave Trading

Sam, Wait until wave 2 has proven its top (a lower high than 1.4372) via a 3 wave movement up. It will likely be in the 61.8% to 88.6% retracement range. Once you see a lower high put in that should be wave 2's top. The next lower high will come ...

Elliott Wave Trading

Yes, that is what I was saying. PLEASE don't go long right now unless you really know what you're doing and plan to scalp counter-trend trades.

Elliott Wave Trading

That's correct.

Elliott Wave Trading

GBP/USD Price projection..... — Hi all, If you are already short the GBP/USD (and Pipeye's count is correct), we are looking at a wave 5 of 5 of 3 low around the 1.3468 mark! So if you got short at say, 1.4342 this trade could be worth ...

Elliott Wave Trading

Pipeye, I've adopted your count into my charts. I'll calculate the bottom of wave 5 of V of 3 using this count and post it back here later on today.

Elliott Wave Trading

Very nice.... Perhaps THAT is the correct count, and not with Wave 1's low at 1.4349. .... That works nicely. Good work.

Elliott Wave Trading

If you were using pivots calculated on Eastern Time, your M4 pivot would have been at 1.4371.

Elliott Wave Trading

..and that should be our high at 1.4374. It will be confirmed when price action breaks below 1.4286.

Elliott Wave Trading

We should start seeing some pretty strong resistence at above 1.4342.

Elliott Wave Trading

I also use pivot points; however, you never want to take a trade because of one indicator, price measurement, or anything else. You should always have at LEAST 3 different reasons for taking a trade..and also have your stoploss set to the "I'm wrong ...

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...but, I could be wrong. When the market is moving this slow it's more difficult to tell which direction has more momentum to it.

Elliott Wave Trading

5 minute, 15 minute, and 1 hour currently...but the Head N' Shoulders formation is on the 5 minute chart. You can see it on the 15 minute chart too, but it's not as clear. That said, I'm not seeing any resonable momentum behind a bearish move right ...

Elliott Wave Trading

...and 90% of Head N' Shoulders formations will show negative divergence on MACD...which we have.

Elliott Wave Trading

Tops of Wave 3, Wave 5, and Wave 2 (in that order) can create a Head N' Shoulders formation....So, that is something else you can watch for.... We've got something starting to look like a Head N' Shoulders formation on the 5 minute chart right ...

Elliott Wave Trading

A new low below 1.4293 would give us 5 wave down on a 1 minute chart...Which then just leaves us to wait for 3 waves up to sell the rally.

Elliott Wave Trading

Current high on the GBP/USD is 1.4342, and that "might" be all the market has to give it, but there may be one more kick-at-the-can here to make a new high above it.... That said, if the market makes a low below 1.4281, that lends itself to a ...

Elliott Wave Trading

...See what can happen...but at least it's only a 20 pip loss. Not much to risk when you have a potential 1300 pips of profit...right? Either way, one thing was just proven wrong and that was the top at 1.4328; however, a new top is coming in now, ...

Elliott Wave Trading

No worries.... Everyone should make some $$$ while they are learning to trade...right?

Elliott Wave Trading

Now...wait some more and let the market prove that the new top of wave 2 is as high as it can go....Then you can move your stop down, once you have 30+ pips to the good.

Elliott Wave Trading