ABBREVIATIONS
cs – Candle stick
PT – Position Trade
BF – B Failure
C786 – Counter 786
GBP/USD – HOURLY CHART
We again have a new bearish AB swing on sterling with price having taken out the B low yesterday running to the D extension. We now need price up at the 618/786 for a sell, and a BF786 setup for a buy.
SHORT: Will be going short only IF:
We get to the 618/786 and a bearish cs formation. Trade the 618 for a 60 pip limit and the 786 as a PT down to the BF786.
LONG: Will be going long today only IF:
Price falls to the BF786 and gives us a bullish cs formation; trade this for 60 pips since it’s a shallow bounce. Price is rather sideways since last night Asian session and the BF fibs are very small, maybe look for a test of the lows and a bullish cs formation, something that gives us a bullish formation at the lows.
I got the ab swing no prob and can see the short set up possibility of the 618/786 etc
ReplyDeleteForgotten how to plot for the BF line?