Hello my friends, Today i am gonna trade GBPUSD as it is now in a very nice area to take a buy position. For this trade, i am gonna be using Elliott wave theory as the base.
In my opinion price currently moving on wave-4 which is a corrective wave.
We are going to see anoher impulse wave to the upside or Wave-5. The basic rule of Elliott Wave principle is Wave-4 can never go to Wave-1 teritory so we will put our SL slightly below Wave-1 area which is 1.2630.
As per this writng, I already took buy position from 1.2690. I am late to write about this position because i was outisde for work purpose and just got time to write this in my laptop. If you want to follow buy you could still enter this as my target is stil way above current price. Buy GBPUSD 1.2690
Stop loss 1.2630
Take profit 1 at 1.2980
Take profit 2 at 1.3310 RR ratio is 1 : 8.7
Use only 1-2% risk