Inside technicals and chart patterns by 
I have been making exceptions with timeframes — like this 240 minute GBP/USD — which are in a trending cycle.
I’ve drawn the Fibo levels on this chart and here’s a look at my GRaB plug-in (it’s free and available over at my blog) showing that the trend is currently down.
The candles are plottig red, trading below the bottom line of the Wave, and most importantly, the Wave is heading down at a four to six o’clock angle.
I’m looking to capitalize on a swing short as prices rally into either the 38.2 Fibo (more agressive entry short) or the 50% Fibo which is also where the bottom line of my Wave is (more conservative and my personal preference).
If this trigger is hit, one the way down I’ll be looking to these same Fibo levels which will now be support for potential profit targets.