GBP/USD
No trade setup on Sterling yesterday.
Price has pulled back to the 618 off the AB swing, we are now in buy territory, we will wait for price to test the 786 since it went through the 618, if we get a bullish cs formation after the 786, trade long, else if price continues down and takes out the A low then we will be reversing the trend.
SHORT: WILL ONLY BE GOING SHORT IF:
We get a rally to the BF786 and thereafter a bearish cs formation, trade this to the 786 since we would have had a 618 bounce (as of 05h00GMT), if this changes to the 786 prior then adjust limit accordingly.
LONG: WILL ONLY BE GOING LONG TODAY IF:
We are in buy territory, but since we fell through the 618, we expecting the 786 to offer up a long signal. Normally when price pokes through the 618 several times like it did on this chart, then price falls to the 786 and thereafter gives us a bullish cs formation. If this happens trade the 786 entry to the BF786 as a PT.
If however we do get a clear dominant cs formation before the 786 then we will take it for a 60 pip limit.
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