Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

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Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

Simplified Wave Analysis. GBP / USD review for the week of October 17

October 18, 2018 Analytics

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Wave pattern of the H4 chart:

The downward wave of this timeframe has completed a bearish correction of the daily scale of the chart.

Wave pattern of the H1 chart:

The first parts (A – B) are formed in the wave structure.

Wave pattern of the M15 chart:

4th part of the final part of the larger part. Within its framework, a flat correction is being formed in the last week ..

Recommended trading strategy:

Sales can be justified when trading on the lowest timeframe. In the coming days, price growth is expected to become active. It is recommended to track the buy signals of the instrument.

Resistance zones:

– 1.3550 / 1.3600

– 1.3250 / 1.3200

Support areas:

– 1.3110 / 1.3060

Explanations of the figures:

A simplified waveform analysis of a 3-part zigzag (ABC). Three main timeframes are used for the analysis. The last incomplete wave for every timeframe is analyzed. Zones show the reversal.

Arrows indicate the counting of the wave. Exhibits the waveform.

Note: The wave algorithm doesn’t take you in time. To use a trading transaction, you need to confirm the order.

The material has been provided by InstaForex Company – www.instaforex.com

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