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.
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