GBP/USD
Price gave us our bullish cs formation yesterday, placed FO for entry at 6296, got stopped out with 50 pips loss on that trade.
We are still in the bull AB swing from yesterday, price bounced off the 786 yesterday and gave us a ms cs formation which then failed and price fell after that. We will still trade a bullish cs formation while inside the A low.
Else if price keeps falling and takes out the A low then we will have a reversal on the 1h chart and by the looks of it resumption of the downtrend.
SHORT: WILL ONLY BE GOING SHORT IF:
We get to the BF786 and a bearish cs formation. Trade this as a PT to the A low since we had an 86 prior. Stops are above the cs formations -50 pips max.
LONG: WILL ONLY BE GOING LONG TODAY IF:
We will trade another bullish cs formation while still inside the A low, limits on this trade are at the BF786 -10 pips inside – and stops are below the cs formation, max 50 pips.
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