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.
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