GBP/USD
No trade setup yesterday on GBP.
We are still in the bearish AB swing on Sterling. Price gave us a BF trade setup during Asian session. If we get a test of that level today followed by a bullish cs formation we will trade long.
Shorts will only be considered at the 6254 highs or higher up at the 618/786.
SHORT: WILL ONLY BE GOING SHORT IF:
We get to Fridays highs and get a bearish cs formation, this will tell us that the resistance there is holding and price is heading down. Trade this for 100 pips profit.
Else the 618/786 will be the next levels to consider if we get a bearish cs formation at either of those levels. Trade the 618 for 60 pips limit 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:
Price already bounced at the BF786 during Asia. We are now looking for a test of that level and a bullish cs formation, trade it for 60 pips limit since it’s a 382 bounce. Stops below the cs formation, 50 pips max.
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