GBP/USD
I got stopped out
at zero on Thursdays trade entry, and re-entered on the dip on Friday
and then got stopped out with 36 pip loss overnight during the Asian session.
Price went on to take out the B low overnight, we now
have a new B low, but not a decent swing low yet. Will see if this does becomes
the low. We can only sell up at the 618/786 of this swing, or buy the BF786, for
which we need a prior swing first.
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
PT to the BF786. Stops are above the cs formations, max 50 pips.
If we don’t get the cs formations we are looking for at
the fib levels then we don’t trade.
LONG: WILL ONLY
BE GOING LONG TODAY IF:
We need a swing and then a fall to the BF786, we don’t have
that at present and it will take a few hours to setup, so at present (05h22
GMT) there is no long trade setup on GBP.
The only other long entry opportunity will be a very bullish cs
formation at the UK open.
If we don’t get the cs formations we are looking for then
we don’t trade.
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