GBP/USD
We had our BF trade setup yesterday with the bullish cs formation, traded it for 60 pips profit.
Price rallied just past the 50 level where we were expecting it to go as per yesterday's analysis. We are now close to the BF786. If we get there and then get a bullish cs formation we will go long.
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 are close to the BF786 territory, if we hit the price and then get a bullish cs formation we will go long on the trade setup, place stop below the cs formation- 50 pips max, this entry will be a PT to the 618.
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