GBP/USD
We entered the DABF trading day bearish cs formation at 6475, got stopped out on that one for a 50 pip loss, then re-entered the bearish cs formation at 6511 and got limited out at 6410, along with the previous days short at 6534 which also got limited out at 6410. The net result is 175 pips profit (124-50+101)
Price took out the A low doing a reversal on the 1H chart. We are now looking for bearish cs formations higher up the AB swing to enter short. We can enter at the 618/786, or buy a BF786.
SHORT: WILL ONLY BE GOING SHORT IF:
We need price up at the 618/786 and a bearish cs formation for a short entry. The 618 will attract a 60 pip limit, and the 786 will be a PT to the BF786.
LONG: WILL ONLY BE GOING LONG TODAY IF:
We can only trade a long trade on a BF786. This current formation is not conducive to a BF786 since we don’t have a prior swing in play. Will wait for one to develop before we go long on a BF786.
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