GBP/USD
We had a BF setup on Friday which lost us 50 pips on the long trade setup.
Price continued down and we waiting for a decent swing low to call a B low. Once we have a B low in place, we can only sell a rally at the 618/786, which right now is very far away.
We can only buy after a get a BF786 setup, prior to that we need a swing high, if price drops much lower than 5815 we will negate that opportunity for a buy trade setup. Will have to wait and see what happens.
Else if price just continues down we will wait for a new B to form before we can draw fibs for the AB swing.
SHORT: WILL ONLY BE GOING SHORT IF:
Price rallies to the 618/786 and gives us a bearish cs formation. Trade the 618 for 60 pips and the 786 will be a PT to the BF786. Stops are above the cs formations, max 50 pips.
LONG: WILL ONLY BE GOING LONG TODAY IF:
We are at BF786 territory, we need a bullish cs formation we will go long on the trade setup, place stop below the cs formation- 50 pips max, limits are set at 60 pips since it’s a shallow bounce. If no bullish cs formation, no trade.
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