ABBREVIATIONS
cs – Candle stick
PT – Position Trade
BF – B Failure
C786 – Counter 786
GBP/USD – HOURLY CHART
Sterling has formed a new AB swing by taking out the B low yesterday and running to the 118 D extension. We are now at the 382 of the downswing, we can only sell at the 618/786, or buy at the BF786 after cs formations.
SHORT: Will be going short only IF:
We get to the 618/786 and get a bearish cs formation, the 618 will limit out at 60 pips and the 786 at the BF786.
LONG: Will be going long today only IF:
We get down to the BF786 and get a bullish cs formation, this will have a limit of 60 pips since its only a 382 bounce.
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