GBP/USD DAILY FORECAST 29 JUNE 2011

GBP/USD – HOURLY CHART

Yesterday price gave us our bullish cs formation after hitting the 786 and our trade limited out 10pips inside the A high, giving us 84 pips profit.

Today we are looking to buy dips for another rally towards the A high DABF786 trading day. We will sell a failure at the highs around 6040 if we get it.

SHORT: Will be going short only IF:

We get a bearish cs formation at the 6040 highs, this will be telling us that we are heading for the lower end of the range again, PT this to the BF786.

LONG: Will be going long today only IF:

We get a dip and a bullish cs formation, trade this two ways:

1. Either as a PT to the 786 on the 4h chart at 6180 (this might take a few days to get there), or
2. Trade it for 60 pips limit since the PT limit of the A high is 30 some pips away only.

EUR/USD DAILY FORECAST 29 JUNE 2011

EUR/USD

No trade setups yesterday as price rallied off the 382 to take out the B high giving us a new AB swing. We can only sell a BF786 after a cs formation, or buy at the 618/786 after a bullish cs formation.

SHORT: WILL ONLY BE GOING SHORT IF:

Price hits the BF786 and gives us a bearish cs formation afterwards. Trade it for 50 pips since it’s a shallow bounce.

LONG: WILL ONLY BE GOING LONG TODAY IF:

Price gets down to the 618/786 and get a bullish cs formation afterwards. Trade the bullish cs two ways:

1. Either limit the 618 entry  for 50 pips as usual, or hold it as a PT to the 4486 price level
2. The 786 will also either be a limit at the BF786 as usual, or hold it for the 4486 price level as well.

The reason I mention this is because we have a BF786 after a 786 prior on the 4h chart which tells us that price will be heading for the 4486 level over coming days.

The last two daily candles also tell us that price might be heading back up to 4730 over the next while.

GBP/USD DAILY FORECAST 28 JUNE 2011

GBP/USD – HOURLY CHART

There was a trade setup on sterling yesterday with a bearish cs formation at the 618 which offered a 25 pip reward, which I didn’t take since the risk/reward ratio wasn’t adequate.  Price then bounced off the BF786 an rallied shy of the 786. We will look to buy again today at the BF786 after bullish cs formations, or sell up at the 786 after a bearish cs formation.

SHORT: Will be going short only IF:

We get to the 786 of this AB swing and get a bearish cs formation, trade that to the BF786.

LONG: Will be going long today only IF:

Price hits the BF786 and gives us a bullish cs formation , trade this as a PT to 10pips inside the A high since we came shy of the 786 yesterday.

EUR/USD DAILY FORECAST FOR 28 JUNE 2011

EUR/USD

No Trade setups yesterday as price just rallied on to take out the A high doing the start of a reversal process to head higher on the hour chart. We will be buying at the 618/786, with 618 limits at the 50p pip mark, and the 786 a PT to the BF786.

Eur dailies seem to have bounced off the lows and might well be heading for the 4700 mark over coming days.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a BF setup and a bearish cs formation afterwards. Trade it for 60 pips since it’s a shallow bounce.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get down to the 618/786 and get a bullish cs formation afterwards. Trade the 618 for 50 pips while the 786 will be a PT to the BF786.

GBP/USD DAILY FORECAST 27 JUNE 2011

NO CHART FOR TODAYS FORECAST

GBP/USD – HOURLY CHART

Price took out the B low during Asia so we have a new AB swing in play. We need price up at the 618/786 for a sell, and a BF786 for a buy, both after cs formations.

SHORT: Will be going short only IF:

We get to the 618/786 of this AB swing and get a bearish cs formation.

LONG: Will be going long today only IF:

Price hits the BF786 and gives us a bullish cs formation , trade this for 60 pips since it’s a shallow bounce. But price has been pretty sideways for the past few hours, maybe a test of the low and a bullish cs formation will be a better option, let’s wait and see.

EUR/USD DAILY FORECAST 27 JUNE 2011

NO CHARTS FOR THE FORECAST TODAY

EUR/USD

Price also took out the B low during Asia, giving us a new AB swing on EUR. We need to wait for price to hit the 618/786 for a sell, or a BF786 for a buy opportunity.

SHORT: WILL ONLY BE GOING SHORT IF:

We get to the 618/786 and thereafter get a bearish cs formation. Trade the 618 entry for 50 pips and the 786 entry as a PT to the BF786.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get down to the BF786 and get a bullish cs formation afterwards. Trade this for 50 pips since it’s a shallow bounce.

GBP/USD DAILY FORECAST 24 JUNE 2011

GBP/USD – HOURLY CHART

 We have a new bearish AB swing Sterling. Price has retraced a bit but we are not even at the 382 yet. We can only sell at the 618/786 or buy at the BF786, both after cs formations.

SHORT: Will be going short only IF:

We get to the 618/786 of this AB swing, which for now is far away. Once/if we get there, we can only sell after a bearish cs formation.

LONG: Will be going long today only IF:

Price hits the BF786 and gives us a bullish cs formation , trade this for 60 pips since it’s a shallow bounce.

EUR/USD DAILY FORECAST 24 JUNE 2011

EUR/USD

Price retraced a bit off the B low overnight to just shy of the 50. We can only sell a bearish cs formation at the 618/786, or buy at the BF786 after a cs formation.

SHORT: WILL ONLY BE GOING SHORT IF:

We get to the 618/786 and thereafter get a bearish cs formation. Trade the 618 entry for 50 pips and the 786 entry as a PT to the BF786.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get down to the BF786 and get a bullish cs formation afterwards. Trade this as a PT to the 618 since it’s a 50 prior.

GBP/USD DAILY FORECAST 23 JUNE 2011

GBP/USD – HOURLY CHART

The bounce at the BF786 failed yesterday, with price continuing down resuming the downtrend. We now have a new bearish AB swing in play. We need to wait for a 618/786 and a bearish cs to sell, or a BF786 to buy.

SHORT: Will be going short only IF:

We get to the 618/786 of this AB swing, which for now is far away. Once/if we get there, we can only sell after a bearish cs formation.

LONG: Will be going long today only IF:

Price hits the BF786 and gives us a bullish cs formation , trade this for 60 pips since it’s a shallow bounce.

NOTE: The BF786 long trade on the daily has also now been negated with price having taken out the B low.

EUR/USD DAILY FORECAST 23 JUNE 2011

EUR/USD

The BF786 trade failed again yesterday after the bearish cs formation and price rallied a few pips higher, price then gave us another BF trade setup, but that was outside our trading hours. We are now at the 618 of the AB swing, if we get a bullish cs here we will go long, but we are also looking to sell into rallies.

SHORT: WILL ONLY BE GOING SHORT IF:

We normally only sell at the BF786, but today we will be looking to sell into a rally after a bearish cs formation, even if we don’t get to the BF786, we would hope that we go all the way to theBF 786, but the 50/618 will be good as well. The reason for this is the fact that Cable has taken out its low on the daily already, EUR will most likely follow that scenario, but the low is some 300 pips away.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get a bullish cs formation after hitting the 618/786. The limit on the 618 will be 50 pips, and the 786 entry will be a PT to the BF786. Why do I say this? You might think that I’m contradicting myself here because above I say sell into rallies down to the B low on the daily. But the reason is simple, price often rallies off the 786 to the BF786, if we then get a bearish cs formation, the chart is telling us that it is now ready to take out the A low.

NOTE: I’m weary of the bullish cs on the daily to take us to 4700, yesterdays failure is concerning, price might be heading down towards the 3968 lows over coming days, sterling has already broken its low. 4190 low will be key to open the downside.

GBP/USD DAILY FORECAST 22 JUNE 2011

GBP/USD – HOURLY CHART

We are still in the AB swing from yesterday, price gave us a BF786 entry after a bearish cs formation but never reached the limit yet, and during Asia gave us another failure, so we are still in that trade. Today we are looking for a DABF trading day, we will sell another failure providing the first trade is in the money at the time.

SHORT: Will be going short only IF:

We get another small rally and a bearish cs formation, this will constitute a DABF trading day but this time the limits will be at the 618 because we had a 50 bounce prior.

LONG: Will be going long today only IF:

Price hits the 618/786 and gives us s bullish cs formation. Trade the 618 for 60 pips and the 786 to the BF786, this will be a PT.

We have an option here to trade the long entry points as PT to the 6598 area since we have a BF786 on the daily charts, telling us that price will probably be heading there over coming days.

EUR/USD DAILY FORECAST 22 JUNE 2011

EUR/USD - HOURLY CHART

The BF786 trade failed yesterday after the bearish cs formation and price rallied higher. We now have a new AB swing in play. We will be looking for either a failure at the BF786 or a rally higher.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a bearish cs formation after hitting the BF786. Trade this for 50 pips since it’s a shallow bounce.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get a bullish cs formation after hitting the 618/786. The 618 entry will have a limit of 50 pips and the 786 will be a PT to the BF786.

We have an option to trade either of the long trades as a PT to 4700, since we have a BF786 on the daily chart telling us that price will be heading for 4730 over coming days.

GBP/USD DAILY FORECAST 21 JUNE 2011

GBP/USD – HOURLY CHART

Yesterday price came 3 pips shy of the entry and rallied on to take out the A high as per analysis yesterday, starting the reversal process. We now have a new B and we can only buy at the 618/786, or sell at the BF786, both ONLY after cs formations.

SHORT: Will be going short only IF:

We get a bearish cs formation after hitting the BF786. Trade this for 60 pips since it’s a shallow bounce.

LONG: Will be going long today only IF:

Price hits the 618/786 and gives us a bullish cs formation. Trade the 618 for 60 pips and the 786 to the BF786, this will be a PT.

EUR/USD DAILY FORECAST 21 JUNE 2011

EUR/USD

Price bounced off the 618 yesterday, gave us the bullish cs formation and we limited out at 50 pips. We now have a new AB swing in play, we can only buy at the 618/786, or sell at the BF786, both after cs formations.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a bearish cs formation after hitting the BF786. Trade this for 50 pips since it’s a shallow bounce.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get a bullish cs formation after hitting the 618/786. The 618 entry will have a limit of 50 pips and the 786 will be a PT to the BF786.

GBP/USD DAILY FORECAST 20 JUNE 2011

GBP/USD – HOURLY CHART

We are still in the bearish AB swing on Sterling. Price rallied to the 786 and limited us out on Friday. Today we will wait to see if the BF786 gets tested again, or if price rallies off the 618 where it currently is, or if the bears take out the lows.

SHORT: Will be going short only IF:

Price gets to the 786 again and gives us another bearish cs formation, trade this to the BF786 as a PT. Else if the B low gets taken out today we have to wait for a new B to form, then a pullback to the 618/786 and a bearish cs formation to short.

LONG: Will be going long today only IF:

We need price to hit the BF786, then give us a bullish cs formation. If this happens that trade will be good for a PT to the A high since we would have had a 786 prior.

EUR/USD DAILY FORECAST 20 JUNE 2011

EUR/USD

We have a new AB swing in play; we need price at the 618/786 and a bullish cs formation for a long trade, or hit the BF786 and a bearish cs formation for a short trade setup.

SHORT: WILL ONLY BE GOING SHORT IF:

We will short if we get a bearish cs formation after we hit the BF786. Trade this to the 618 since as at 05h26 GMT we had a 50 prior bounce. If this changes during the session adjust limit accordingly.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get a bullish cs formation after hitting the 618/786. The 618 entry will have a limit of 50 pips and the 786 will be a PT to the BF786.

GBP/USD DAILY FORECAST 17 JUNE 2011

GBP/USD – HOURLY CHART

We are still in the Bearish AB swing on Sterling. Price fell from the 618 fib during Asia and we are close to the BF786 area. If we reach that price and get a bullish cs formation we will go long. Else if price continues to fall we will wait for a new B to form and start all over again.

SHORT: Will be going short only IF:

We get to the 618/786 and get a bearish cs formation. The 618 will be good for 60 pips limit and the 7869 will be a PT to the BF786.

LONG: Will be going long today only IF:

We need price to hit the BF786, then give us a bullish cs formation. If this happens that trade will be good for a PT to the 786 since we would have had a 618 prior.

EUR/USD DAILY FORECAST 17 JUNE 2011

EUR/USD

Price is forming a small reversal on the 1h chart. Price took out the A high yesterday and has since retraced to the 618 of the new bullish AB swing.

SHORT: WILL ONLY BE GOING SHORT IF:

We will short if we get a bearish cs formation after we hit the BF786. Trade this to the 786 since we would have had a 618 prior.

LONG: WILL ONLY BE GOING LONG TODAY IF:

Price has already hit the 618, so a bullish cs from current levels will constitute a long trade setup. This will be for a 50 pip limit since it’s a 618 bounce. If price falls to the 786, we will have a PT with limits set at the BF786.

GBP/USD DAILY CHART 16 JUNE 2011

SNAPSHOT OF DAILY CHART

Note on the daily chart that we are at the BF786. This could be significant, IF we get a bullish setup on the 1hour chart it would be worth a long PT up to the 786 on the daily chart around 6550, a long way off.

This will be confirmed if we get a bullish cs formation on the daily chart anywhere between the BF786 and the B low. Trade this to the 786 by buying dips.

EUR/USD DAILY CHART 16 JUNE 2011

DAILY CHART SNAPSHOT

Note on the daily chart that we are at the BF786. This could be significant, IF we get a bullish setup on the 1hour chart it would be worth a long PT up to the 786 on the daily chart around 4720, a long way off.

This will be confirmed if we get a bullish cs formation on the daily chart, anywhere between the BF786 and the B low. If it doesnt happen then price will just continue to fall on the daily chart.

EUR/USD DAILY FORECAST 16 JUNE 2011

EUR/USD

Price fell dramatically yesterday, falling past the D extension giving us a new AB swing. We have a small AB swing here as well with price falling further in Asia giving us that small swing. We have to wait for a B to form which is at least another hour away, maybe more.

SHORT: WILL ONLY BE GOING SHORT IF:

We first need the B to form to draw our fibs to determine where our 618/786 is. Once we have that we will wait for bearish cs formations after hitting the 618/786. The 618 will limit out at 50 pips, and the 786 will be a PT to the BF786.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We need a B to form first, we can only trade once price hits the BF786 and we get a bullish cs formation. Doesn’t seem like this will happen today, since we don’t have a B formed yet.

Will update during the day if there is a trade setup on EUR.

GBP/USD DAILY FORECAST 16 JUNE 2011

GBP/USD – HOURLY CHART

We got stopped out on BF786 long trade setup yesterday. Price just hit the D extension of the big AB bearish swing in the last two hours. We now have to wait for a new B to form, at least another hour away. Note that we have a small AB swing in play, since price rallied and then fell, taking out the last low giving us a new AB swing. We will trade what we see here, albeit a small swing.

SHORT: Will be going short only IF:

We first need a B to form before we can draw fibs to ascertain where the 618/786 is, once we have that during the session, only trade a bearish cs formation after price hits the 618/786, the 618 will limit out at 60 pips, and the 786 will be a PT down to the BF786.

LONG: Will be going long today only IF:

We need a B to form first, we can only trade once price hits the BF786 and we get a bullish cs formation. Doesn’t seem like this will happen today, since we don’t have a B formed yet.

Will update during the day if there is a trade setup on GBP.

GBP/USD DAILY FORECAST 15 JUNE 2011

GBP/USD – HOURLY CHART

Price found resistance at the 86 yesterday and has fallen back since, today will be a DA86 trading day, we will look for a rally and another bearish cs formation to sell. Target BF786. Will only be looking for long trade setups once the BF786 has been hit and we get a bullish cs formation.

SHORT: Will be going short only IF:

We rally a bit and get a bearish cs formation, this will constitute a DA86 trading day which will be a PT down to the BF786.

LONG: Will be going long today only IF:

We get a bullish cs formation down at the BF786. Trade that as a PT to the A high.

EUR/USD DAILY FORECAST 15 JUNE 2011

EUR/USD

Price gave us a bearish cs formation after the 618 yesterday which failed, we then had another at the 786 higher up, and price has fallen since. Today we will be looking for a DA786 trading day, looking for a slight pullback and a bearish cs formation to trade down to the BF786. Long trade setups will be looked at once we hit the BF786 and get a bullish cs formation.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a rally and a bearish cs formation, trade this as a PT to the BF786, constitutes a DA786 trading day.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get down to the BF786 and get a bullish cs formation.  This will be a PT with limits set at the A high, 10 pips inside.

GBP/USD DAILY FORECAST 14 JUNE 2011

GBP/USD – HOURLY CHART

Price rallied yesterday without any trade entry opportunities for us. We are now at the 786 of the downswing. If we get a bearish cs formation here we will short. Long trades are only considered at the BF786 much lower down.

SHORT: Will be going short only IF:

We get a clear bearish cs formation. I say clear because price rallied somewhat yesterday after a steep fall the previous trading day, so there is a possibility that we could take out the A high today. If we do get a clear bearish cs formation trade it, but as soon as we get a bullish cs after a dip, exit the trade with profit from the fall, because then price might be telling us that we might be heading up to the A high.

LONG: Will be going long today only IF:

We get a bullish cs formation down at the BF786, way down, as mentioned above, however, if we get a dip and a bullish cs formation, trade it for 60 pips since we have rallied strongly after the previous days fall.

EUR/USD DAILY FORECAST 14 JUNE 2011

EUR/USD

Price is reaching the 618 of the AB downswing which constitutes a sell area. We will sell on a bearish cs formation anywhere between the 618 and the 786. Long trades are only considered at the BF786, lower down.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a bearish cs formation after hitting the 618, trade this for 50 pips only. If we get a bearish cs formation after hitting the 786, that will be a PT down to the BF786.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get down to the BF786 and get a bullish cs formation. At present time (05h00GMT candle) we have just about hit the 618, so if price falls from here down to the BF786 and gives us that bullish cs formation, the limit would be at the 786. If that changes during the trading day we will adjust the limit accordingly.

GBP/USD DAILY FORECAST 13 JUNE 2011

GBP/USD – HOURLY CHART

Price fell strongly on Friday with no entry for a short trade anywhere, we were looking for a rally and then a fall, but that never materialized. We now have a new AB swing, a big one. We need price up at the 618/786 for a short entry and a BF786 for a long.

SHORT: Will be going short only IF:

We get to the 618/786 and get a bearish cs formation. Trade the 618 for a limit of 60 pips, and the 786 will be a PT to the BF786.

LONG: Will be going long today only IF:

We get a test of the lows and a bullish cs formation. Trade this for 60 pips since it’s a shallow bounce.

EUR/USD DAILY FORECAST 13 JUNE 2011

EUR/USD

Price fell on Friday running all the way past the D extension giving us a new AB downswing. We now need to wait for a BF786 for a long trade, and a 618/786 for a short entry.

SHORT: WILL ONLY BE GOING SHORT IF:

Price rallies to the 618/786 and gives us a bearish cs formation. Trade the 618 for a 50 pip limit, and the 786 will be a PT with targets set at the BF786.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get a bullish cs formation after price hits the BF786. Trade this for a 50 pip limit since it’s a shallow bounce.

GBP/USD DAILY FORECAST 10 JUNE 2011

GBP/USD – HOURLY CHART

Price gave us a bearish failure yesterday at the BF786 and fell down to our target overnight. We now have a new bearish AB swing, having taken out support and starting the reversal process again. We have to wait for a new B though, which as at 05h00 GMT, is at least an hour away IF this low holds, we can only sell a 618/786 after a bearish cs formation, or buy a BF786, after a bullish cs formation. Both are far away at present.

SHORT: Will be going short only IF:

We get to the 618/786 and get a bearish cs formation. Trade the 618 for a limit of 60 pips, and the 786 will be a PT to the BF786. But since we don’t have a B yet, this might be a good few hours away, probably not today anyway.

LONG: Will be going long today only IF:

We first need a B to form before we can draw fibs, once we have that we need a shallow bounce at least and a test of the low via a BF786. This is a few hours away at least since we don’t even have a B low yet.

EUR/USD DAILY FORECAST 10 JUNE 2011

EUR/USD

Price fell yesterday and took out the A low doing a reversal process, there was however no trade entry on EUR like there was on GBP, EUR only went to the 618 and the bearish cs was too big anyway. Price now gave us a new bearish AB swing, we are in BF786 long territory at present.

SHORT: WILL ONLY BE GOING SHORT IF:

Price rallies to the 618/786 and gives us a bearish cs formation. Trade the 618 for a 60 pip limit, and the 786 will be a PT with targets set at the BF786.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get a bullish cs formation from current levels, since we are in BF786 territory. Trade this for a 50 pip limit since it’s a shallow bounce.

GBP/USD DAILY FORECAST 9 JUNE 2011

GBP/USD – HOURLY CHART

We are still in the same AB swing from two days ago, price bounced off the 786 yesterday and has rallied a bit late US session. Today we will wait to see if we either get a dip and a bullish cs formation for a long trade (DA786), or if price just rallies from current levels and finds resistance at the BF786.

SHORT: Will be going short only IF:

We get a bearish cs formation after hitting the BF786. Trade this for as a PT to the A low since we would have already have had a 786 bounce.

LONG: Will be going long today only IF:

We get a dip and a bullish cs formation; this will constitute a DA786 trading day. This will be a PT, with the limit set at the BF786.

EUR/USD DAILY FORECAST 9 JUNE 2011

EUR/USD

Price bounced deep into the AB swing, just shy of the A low last night and has rallied since. Today will be a DA86 day where we will look for a dip and a bullish cs formation for a long trade setup, else if price gets to the BF786, we will look for a bearish cs formation.

SHORT: WILL ONLY BE GOING SHORT IF:

We get to the BF786 and get a bearish cs formation, trade this as a PT to the A low, since we already bounced shy of the A low yesterday, price will then be heading to take out the A low over the next few sessions.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get a dip and a bullish cs formation, this will constitute a DA86 trading day, only trade a dip, not a continuation, i.e. if price just rallies from here we have no long trade setup, we need a dip and a bullish cs formation. Stop below the low and limit set at the BF786.

GBP/USD DAILY FORECAST 8 JUNE 2011

ABBREVIATIONS

cs – Candle stick

PT – Position Trade

BF – B Failure

C786 – Counter 786

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GBP/USD – HOURLY CHART

We are in the bullish AB swing that formed yesterday, bouncing at the 382 during the Asian session. If we get a bearish cs at the BF786 we will short with a 60pip limit. For long trade entries we need price down at the 618/786, with the 618 entry having a 60 pip limit and the 786 entry will be a PT to the BF786.

SHORT: Will be going short only IF:

We get a bearish cs formation after hitting the BF786. Trade this for 60 pips since we would have had a 382 prior bounce.

LONG: Will be going long today only IF:

We can only look to buy at the 618/786 fib levels after bullish cs formations. The 618 entry will limit out at 60pips, and the 786 entry will be a PT to the BF786.

EUR/USD DAILY FORECAST 8 JUNE 2011

EUR/USD

In a new AB swing from yesterday, having bounced off the 382 during the Asian session, if we get to the BF786 and get a bearish cs formation we will short for a 50pip limit since we had a 382 bounce prior. Else we only looking for longs trades only after price hits the 618/786, a 618 entry will have a 50 pip limit, and the 786 entry will be a PT to the BF786.

SHORT: WILL ONLY BE GOING SHORT IF:

We get to the BF786 and get a bearish cs formation, trade this for 50 pips since we had a 382 bounce prior. Price is close to the BF786.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We need price down at the 618/786 for a buy, the 618 entry will limit out at 50 pips and the 786 entry will be a PT to BF786.

GBP/USD DAILY FORECAST 7 JUNE 2011

ABBREVIATIONS

cs – Candle stick

PT – Position Trade

BF – B Failure

C786 – Counter 786

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GBP/USD – HOURLY CHART

Price has retraced back to the 786 of the AB swing, we are in the buying area now. Will only consider selling at the BF786 after a bearish cs formation.

SHORT: Will be going short only IF:

We get a bearish cs formation after hitting the BF786. Trade this as a PT to the A low since we would have had a 786 prior.

LONG: Will be going long today only IF:

We are in the buy territory having bounced at the 786 during Asia. Hoping to get another stab at the 786 before price rallies, buy a test of the lows, PT to the BF786.