I was asked how to ride the current impulse waves on GBPUSD , so I answer here. This is yesterday’s strategy for BUY.
RIde the impulse wave if the price drops to the support line.
Here is the reason why yesterday’s support line was important. As you can see the chart, when the price converges like >, big movement is coming. I call it the sign of the “explosion”, which causes strong bullish or bearish movement. Conclusion
When we are on the bullish impulse and you see the sign of the explosion, you should think about BUY.
when bearish , vice versa. Elliot wave principle might seem fishy and I think it’s true that some rules of it are wrong, for example, the 4th wave mustn’t break the 1. This is wrong. Some should be modified. However, I believe that this principle works well if you have a good sense to see the chart. I try to use a chart as simple as possible with counting waves and some trend lines . So far, if my counting waves is correct, we are on the 9th wave in weekly.
Seems like the end of impulse and crash is coming. When I see the 9 hits, the beginning of bearish , I’ll post. Please do not forget to like and follow me if my ideas help you, thank you!