ABBREVIATIONS
cs – Candle stick
PT – Position Trade
BF – B Failure
C786 – Counter 786
GBP/USD – HOURLY CHART
Price rallied yesterday and took out the A high starting a reversal process. We have a B, now we have to wait for a 618/786 to buy, or a BF786 to sell.
SHORT: Will be going short only IF:
We get a BF786 and a bearish cs formation after that. Trade it for 60 pips since it’s a shallow bounce.
LONG: Will be going long today only IF:
We get to the 618, after a bullish cs formation. Trade for 60 pips limit, else lower down at the 786, where it will be a PT.
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