GBP/USD
We had a bullish cs at 7am GMT yesterday after the 786 bounce during Asia, exited that trade for 9 pips loss.
Price rallied on Friday taking out the B high but not closing above. We now have a new AB swing in play, price fell and bounced off the 786, then fell again and bounced off the 86 with a morning star formation. Asia tested that formation and looks to set to rally from here. We are in buy territory. We are looking for price to rally to the BF786, if we get a bearish cs there we will short down to the A low.
SHORT: WILL ONLY BE GOING SHORT IF:
We get a clear bearish cs formation after we reach the BF786. PT this to the A low since we had a 86 prior.
LONG: WILL ONLY BE GOING LONG TODAY IF:
We get a bullish cs at current levels, trade it o the BF786. Exit on a bearish cs formation or place stop at zero once we hit 50 pips – only because there is a chance that price can give us a small rally and then go bearish.
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