GBP/USD
No entries on GBP Friday.
Price took out the B low giving us a new AB swing on the 1H chart, and then took out the last A high doing a reversal on the 1H chart. We now need a decent swing high to call a B and then for price to fall back to the 618/786 and give us a bullish cs for an entry.
SHORT: WILL ONLY BE GOING SHORT IF:
We need a BF786 and a prior swing for a short entry; we don’t even have a B yet. So no short trade opportunities at present on Sterling.
LONG: WILL ONLY BE GOING LONG TODAY IF:
We first need a B to form, once we have that we can determine where the 618/786 is going to be. We are looking to buy down at the 618/786 after bullish cs formations. Limits for 618 will be 60 pips and 786 will be a PT to the BF786.
All stops are below the cs formations -50 pips max.
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