GBP/USD
No trade setup on GBP yesterday.
We are still in a downtrend on the GBP on the 1H chart. Price gave us a B low yesterday so we have a new AB swing in play. We can only sell up at the 618/786 after a bearish cs formation, or buy down at the BF786 after a bullish cs formation setup.
If we don’t get the cs formations we are looking for at the fib levels then we don’t trade.
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 get down to the BF786 and then get 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.
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