GBPUSD, double top

Hi Traders,

Plenty of news this week

I'm running 2 free webinars and a free seminar each month in Sydney (see below). To register click the links below.

OCTOBER CALENDAR

• Monday 14 October - Free Webinar (8-9pm, Sydney time)

• Monday 28 October - Free Webinar (8-9pm, Sydney time). I don't have the link to this webinar yet. 

• Thursday 31 October - Free SEMINAR (6-8pm, Sydney time)

All this powerfully organised & hosted by the mighty City Index in Sydney.

MOST IMPORTANTLY

• Monday Nov 11 and Tuesday Nov 12: ELLIOTT WAVE BOOTCAMP, (16 hours) in a venue to be confirmed soon.

At this bootcamp you will be taken on a journey through the identification and practical use of Elliott Waves.

You will be able to:

• recognise & label each wave properly
• predict the direction of new trends
• correctly identify the starting point of new trends
• determine targets
• identify Entry and Exit point in daily, 4-hour and 1-hour charts.

Your approach to trading will change forever. This is an unmissable chance to get a true insight of Elliott Wave Trading. Hence, don't miss it!

If you want to be part of it call Richard Vatner +61(0)2 9270 3618 and mention "MDC" (Mario D. Conti) or leave a message. 

...

Furthermore, Sydney Traders, our trading group in Sydney,  will get together on Tuesday Oct 8th for a "MeetUp" + a drink at the Establishment Hotel in George St. (check here)

...

FINALLY,

I'm setting up a Trading account where I place the trades I suggest. I'll keep you posted.

...

THE ANALYSIS: GBPUSD, double top

GBPUSD, now at 1.6040, performed a double top in the 4-hour chart. If the pullback (up) stops in the area 1.6102-1.6162 it might start a downtrend to the area 1.5708-1.5688.

TARGETS

likely: 1.5824
possibly: area 1.5708-1.5688
maybe: 1.5552-1.5536

ELLIOTT WAVES

The daily chart displays a 5 waves up. This pattern should be followed by a corrective a-b-c (downwards).

In the 1-hour chart it should retrace up to the area 1.6102-1.6162 before starting the new downtrend.


NOTE

This situation was created by the recent facts occurred in USA. If no agreement is reached in the congress (about the rise of the debt ceiling), the uptrend could resume.

Also, the present downtrend is pulling back up to 1.6101-1.6131 and maybe to 1.6162. Hence, wait for the wave oscillator in the 1-hour chart to "turn into  selling mode" before taking any short position (not ready yet).




weekly chart - click to enlarge 

daily chart - click to enlarge

wave oscillator over daily chart - click to enlarge

4-hour chart - click to enlarge

1-hour chart - click to enlarge

wave oscillator over 1-hour chart - click to enlarge