GBP/USD
No trade setup on GBP yesterday, price rallied to the 382 and fell back giving us a BF after our trading session ended.
We are back at levels where we ended our session yesterday; today we will be looking for price to extend towards the 50 level after maybe a test of the lows again.
Else if price just continues down and takes out the B low on a sustained basis then we will wait for a new B to form and thus have a new AB swing in play.
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 already had a BF786 trade setup yesterday, if we get a test of that cs formation and another bullish cs formation after that, this will tell us that the low is holding and that price is probably going to retrace deeper into the AB swing. If we get the bullish cs formation, place stop below the cs formation- 50 pips max, this entry will attract a 60 pip limit since it’s a shallow bounce.
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