ABBREVIATIONS
cs – Candle stick
PT – Position Trade
BF – B Failure
C786 – Counter 786
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GBP/USD – HOURLY CHART
Price took out the A high on Friday starting the reversal process. We now have to wait for price to fall to the 618/786 for a buy entry, or a sell up at the BF786.
SHORT: Will be going short only IF:
We get a bearish cs formation after hitting the BF786. Trade this for 60m pips since it’s less than a 382 bounce.
LONG: Will be going long today only IF:
We get price down at the 618/786 and a bullish sc formation. Trade the 618 for a 60 pip limit and the 786 will be a PT to the BF786.
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