GBPUSD downtrend continuation Idea: adding GU shorts

Oct 1, 2018

This is a follow up to my main short entries which started with this Idea:

Once the down move started, I was taking profits and adding shorts per this plan:

I am now looking for entries to add more shorts.

Oct 2, 2018

Note

GU hit first target, and possible end of wave 5.
I dont think this is the ''bottom'', but lets see

Oct 2, 2018

Note

Second target hit with ease. will it bounce?

Oct 2, 2018

Note

GU bulls look to be holding mid-support for now, in UK session. I suspend US will buy GBP, EUR, and AUD soon. So am expecting a bounce here, which will give me more data to analyze.

Oct 2, 2018

Note

GU hit the second possible wave (5) and bounced as expected.
Am starting to add shorts again

Oct 2, 2018

Note

a close up of price action around my zones, good to see it recognizing them

Oct 3, 2018

Note

Shots added here.

Oct 4, 2018

Note

GU: Getting back to the main chart, we nearly hit the third target

I DO think the last target is still possible. This new fib shows a -0.236 extension (a very common overshoot of any wave) so that extension may well be hit.

However, the risk of a bounce is increasing, while the odds of collecting those last few pips are decreasing. So I closed 80% of my shorts during Asia session, and will re-evaluate once London starts.

Oct 4, 2018

Note

GU: this EW count and the two fibs say the next target is still quite possible. Lets see what London thinks in a couple of hours.

Oct 4, 2018

Note

I have posted a New plan for possible short re-entry zones, here: