GBP/USD
No trade setup on Sterling yesterday.
Price hit the 786 yesterday but then never gave us a clear bullish cs formation and went sideways for the rest of both sessions. Today we are looking for a DA786 trading day where we expect price to rally, if only a small rally before we fall again. If we continue down without a rally and take out the A low we will be reversing on the 1h chart.
SHORT: WILL ONLY BE GOING SHORT IF:
We get a rally to the BF786 and thereafter a bearish cs formation, trade this to the A low since we would have had a 786 bounce. Even a rally to test the overnight highs and a clear bearish cs formation will do for a short trade heading for the A low.
LONG: WILL ONLY BE GOING LONG TODAY IF:
We are looking for a DA786 trading day, so if we get a dip and a bullish cs formation, trade it to the BF786 as a PT.
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