Simplified Wave Analysis. GBP / USD review for the week of October 11
Wave pattern on the H4 chart:
The last wave of this scale was completed in mid-August at the upper boundary of the powerful support zone.
Wave pattern on the H1 chart:
A rising wave from August 15 with high potential develops. Over time, the entire movement will move to a higher timeframe. In the wave structure, the middle part (B) is completed.
Wave pattern on the M15 chart:
The ascending phase of October 4 gives a start to the final part (C) in the wave. In the coming days, a short rollback is expected.
Recommended trading strategy:
Due to the small potential of the upcoming decline, sales are not recommended. In the area of fixation in the support, it is suggested to monitor the instrument purchase signals.
– 1.3550 / 1.3600
– 1.3250 / 1.3300
– 1.3080 / 1.3030
Explanations to the figures:
A simplified wave analysis uses a simple waveform, in the form of a 3-part zigzag (A-B-C). Three main timeframes are used for the analysis. The last incomplete wave for every timeframe is analyzed. Zones show the calculated areas with the greatest probability of a reversal.
Arrows indicate the counting of wave according to the technique used by the author. The solid background shows the generated structure and the dotted exhibits the expected wave motion.
Note: The wave algorithm does not take into account the duration of the tool movements in time. To conduct a trade transaction, you need to confirm the signals used by your trading systems.