GBP/USD
We had a bullish cs formation at the UK open yesterday as
per our forecast, but I didn’t take the trade.
Price gave us the B low yesterday, so now we have the A
up at 6082 and the B down at 5706. We now have to wait for a retracement to the
618/786 and then a bearish cs formation for a short entry.
Long trades can be considered since we have already hit
the BF786 a few hours ago, we will wait and see if we get a test of that level
at the opening of the UK session.
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:
We need to wait for price to rally to the 618/786 and
give us a bearish cs formation. Trade the 618 for 60 pips and the 786 will be a ST to the BF786. Stops are above the cs formations, max 50 pips.
LONG: WILL ONLY
BE GOING LONG TODAY IF:
We have already hit the BF786 during the Asian session. We
are looking for a test of that level during the UK session and a bullish cs
formation thereafter. There are two possibilities here for a limit:
1.
Trade the entry for 60 pips since it’s a shallow
bounce, with stops below the low of the cs formation – 50 pips max.
2.
Trade it as a ST since we have an indecision cs
formation on the daily chart, which might be a sign that we are heading deeper
into the swing – 786-6000.
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