GBP/USD
We took the bearish cs formation just 6 pips shy of the BF786 yesterday. We are still in that trade.
Price rallied just shy of the BF786 yesterday and gave us a good bearish cs formation. Today we are looking for resumption of downtrend towards 6400. It is a DABF trading day today so we can expect a rally and a bearish cs formation down to 6400.
If we rally from here without a reversal and take out the B high then we will have a new AB swing in play and will start all over again.
SHORT: WILL ONLY BE GOING SHORT IF:
We have a DABF trading day today, we expecting a rally and a bearish cs formation. Trade the bearish sc formation with stop above the cs and limits will be a PT down to the A low.
LONG: WILL ONLY BE GOING LONG TODAY IF:
We get a DD entry if price forms a bullish cs formation at the 6440 lows, this will be telling us that the level is holding and will be good for a long trade setup. Stops below the cs formation and limit on that will be 100 pips.
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