GBP/USD
No trade setup on GBP Friday. Price rallied to take out
the B high confirming resumption of uptrend on 1h time frame, making higher
highs and higher lows.
FOR TODAY:
We now have a new A-5665, B-5851 swing in play on the 1h
chart. We can only buy dips at the 618/786 and sell rallies after price hits
the BF786.
SHORT: Will be
going short only IF:
Price rallies and hits the BF786 and gives us a bearish cs formation after that. Trade this entry for 80 pips since we have a shallow
bounce. Stops will be above the cs formation, max 50 pips.
LONG: Will be
going long today only IF:
We need a fall to the 618 and a bullish sc formation
after that for a long trade setup. This entry will attract a limit of 80 pips
with a stop below the low, 50 pips max. Else the next long trade opportunity
will be at the 786 lower down at 5705.
If we don’t get the setup we are looking for then we
don’t trade.
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