GBPUSD daily outlook & mid-day outlook.

As we know last friday was awesome. Move from 1.6090 Breakout from london open was trigger the trend to reach support price at 1.6000. Yes i won, but because last friday is my 1st entry after almot 8 month silent from market without any blocking price so i was quite nervous while my position below 10 pips. :).

Here i post my chart for daily trend by using Elliott wave prediction. Some how if i analyze back the previous trend for last week, GBPUSD was move 450 pip without any big retracement. By using this case most of trader will expect the truly pull back from bottom. But until now i did not see any reversal sign. Hence i expect it could be break more lower until next support at 1.5905.



Chart above is more like charting technique without used any sense of indicator to indicate market direction. Hereinafter daily just break the fractal. Usually once price was break the fractal in daily 50% is continuous trend or 50% otherwise. I have observe this quite many year. But i dont think this is fractal noise.

If 1.5997 is a price breaking from trendline so i assume wave "a" just moved. Next hassle is 1.5818 nearly with parallel trendline and i expect reversal sign is there.

For this moment whant i can tell is just stay with bearish.



This is 1 hour chart.

Price still stick with channel discipline. I still used this chart to make my wise entry.

my idea is

Open sell at 1.5939.
Exit at 1.5905

However since the price is lower i think quite risk to keep selling. keyword is sell on top. but now is already lower and maybe we will face the next lower. I believe with my system.

Regards
Muhamad Yaqin Mhd Nor.
Chartist.