GBP/USD
No trade setup on GBP yesterday.
Price took out the B low two hours ago so we now have to wait for another B to form before we can draw fibs. I would keep the A high up at 6082 since it’s the clearest swing high on the chart, since the highs at 5885 are more of a sideways range. Once we have the B we can ascertain where the 618/786 is.
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:
Once we have the B low and plot the fibs, we then have to wait for price to rally 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 first need a B to form, once we have that we need a swing high and a test of the lows, with no B yet there might not be a trade setup for a BF today.
The only other possibility is a clear bullish cs formation at the UK open. Wait and see.
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