You can see above on the 4h chart that not much has changed in the larger picture except that the ending diagonal extended. It looks like it may be exhausted here, but nevertheless, another low would not surprise me. My strategy on this trade is to buy a breakout above the upper trendline, as well as the Wave-iv high. My stop is below a nice congestion region, and my limit is near the top of Wave4 top (as diagonal triangles normally retrace the entire previous wave).8/28/2008
Trade # 17: GBP/USD Long
I am going long GBP/USD @ 1.8415 with a stop at 1.8308. My limit will be 1.8750. I am risking more pips than normal in this trade, so I will try to trail my stop to around 80 pips risk as soon as price has confirmed a breakout above 1.8400.
You can see above on the 4h chart that not much has changed in the larger picture except that the ending diagonal extended. It looks like it may be exhausted here, but nevertheless, another low would not surprise me. My strategy on this trade is to buy a breakout above the upper trendline, as well as the Wave-iv high. My stop is below a nice congestion region, and my limit is near the top of Wave4 top (as diagonal triangles normally retrace the entire previous wave).
You can see above on the 4h chart that not much has changed in the larger picture except that the ending diagonal extended. It looks like it may be exhausted here, but nevertheless, another low would not surprise me. My strategy on this trade is to buy a breakout above the upper trendline, as well as the Wave-iv high. My stop is below a nice congestion region, and my limit is near the top of Wave4 top (as diagonal triangles normally retrace the entire previous wave).
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