GBP/USD
Price gave us a bearish cs formation yesterday which
failed, lost 20pips.
Price then went on to rally shy of 5700 and the highs at
5715. Will look to see if price takes out the highs at 5715 today thereby
starting a reversal on the 1H chart, or if it finds resistance at yesterday’s
highs, or the A high at 5715. If we get a bearish cs formation at any of these
levels it will be an entry signal for a short trade.
SHORT: Will be
going short only IF:
We get a bearish cs formation at yesterday’s highs, or
higher up inside the A high. These will be ST with limits set at the BF786. Stops
above the highs of the cs, max 50 pips.
LONG: Will be
going long today only IF:
We get down to the BF786 and then get a bullish cs
formation. Trade this as a ST to the A high since we would have had a 86 prior.
Stop below the cs formation, 50 pips max.
If we don’t get the setup we are looking for then we
don’t trade.
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