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.
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