ABBREVIATIONS
cs – Candle stick
PT – Position Trade
BF – B Failure
C786 – Counter 786
GBP/USD – HOURLY CHART
Price found resistance at the 618 yesterday. If we get another test of that level today with a bearish cs formation we will short that trade for a 60 pip limit. Else if we rally we will look for a bearish cs at the 786 higher up.
SHORT: Will be going short only IF:
We get a test of the 618 and a bearish cs formation. Else higher up at the 786.
LONG: Will be going long today only IF:
We get down to the BF786 and get a bullish cs formation, this will become a PT with limits at the C786 since it’s a 618 prior.
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