GBP/USD - 1H CHART
We got a bearish cs formation after hitting the BF786 on Friday. Price entered us in at 6142, we are still in this trade as the 100 pip hasn’t been reached yet. Moving stops to BE since price rallied 76 pips, close to my 80 pip rule. So no risk on this trade any longer.
We have a DA786 trading day today, we looking for price to continue down today, would prefer a small rally first before a fall.
SHORT: WILL ONLY BE GOING SHORT IF:
We get another bearish cs formation, place stop above the high of the cs formation with limits set at 100 pips, or 6010, before the 1.6000 round number. This is a DABF786 trading day, we expect price to continue down today.
LONG: WILL ONLY BE GOING LONG TODAY IF:
Price falls to the 618/786 and gives us a bullish cs formation, trade the 618 for 100 pips since it’s a big AB swing, and the 786 entry will be a PT to the BF786.
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