Thursday, 11 August 2011

GBP/USD 11 AUGUST 2011


GBP/USD
No entries on GBP yesterday.

Price continued to fall and take out the B lows giving us a new AB downswing, we can only buy at the BF786 after a bullish cs formation, or sell up at the 618/786 after bearish cs formations.

SHORT: WILL ONLY BE GOING SHORT IF:
We get to the 618/786 and get a bearish cs formation. Trade the 618 for 100 pips and the 786 will be a PT to the BF786.

LONG: WILL ONLY BE GOING LONG TODAY IF:
Price falls to the BF786 and gives us a bullish cs formation. Trade this for 100 pips profit.

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