Forex Trading Strategy GBP – Beware a Bull Trap

June 13, 2011 by  
Filed under Forex Trading Strategies

Sterling remains within a broad 1.5650 to 1.6100 range. So despite the speed of the latest rally, the first leg from 1.5650 to just beyond 1.5880 was a 3 wave move which classifies the whole rally as corrective. Traingular consolidation formed a base for the currect explosion and targets a move of around 230 points. The wave count argues the whole move as a B wave and places us at the moment in 4 of C of B. Thus we look for 1.5880 to contain for a surge through 1.5980 for the 1.6040 Channel resistance to the 1.6060 triangle break target. From there we expect s downleg to develop with the power to take 1.5880 for at least 1.5735. Only above the 1.61 peak opens a new Sterling uptrend. An early reversal through 1.5880 opens a quicker return to 1.5735.

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One Response to “Forex Trading Strategy GBP – Beware a Bull Trap”


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  1. Ronnie says:

    constriction@swerve.cerv” rel=”nofollow”>.…

    good info….

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