Abbreviations
cs – Candle stick
PT – Position Trade
BF – B Failure
C786 – Counter 786
GBP/USD – HOURLY CHART
Price gave us a bullish cs formation after hitting the BF786 yesterday and rallied, but didn’t hit our 60 pip target yet, so we are still in that trade setup. Price also hit our 618 of the downswing and fell back a bit. We still expect price to rally further and will stay in our current trade until the limit or the stop is hit. We have another BF786 down at 6169 and if we hit this level and get a bullish cs formation afterwards, we will be in that trade until the 786- 6284 is reached, because we had a 618 before the BF786, price will then head for the 786-6284.
SHORT: Will be going short only IF:
We get a bearish cs formation either at the 618 or the 786. The 618 will constitute a DD entry, which will be good for a 100 pip fall, and the 786 will be good to the C786. Both will be PT’s.
LONG: Will be going long today only IF:
We get a bullish cs formation after hitting the BF786 -6169. This will be a PT to the 786.
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