GBP/USD
Traded the BF on Sterling, limited out at 100 pips profit. Price went on to fall and bounce off the 382 fib.
FOR TODAY:
With the sharp bounce overnight we are looking for resumption of the rally today, with price heading to take out the B high. We will look to buy dips for 80-100 pips profit.
SHORT: Will be going short only IF:
We get a clear bearish cs formation from current levels, trade stop above the cs formation, limit 80-100 pips since it’s a 382 prior bounce. Beware of bullish cs formations, if in a short trade, reverse if we get a clear bullish cs formation.
LONG: Will be going long today only IF:
We get a dip and a bullish cs formation, trade it for 80-100 pips since price might be heading to break the B high and head higher up. Stop below the low of the cs formation –max 50 pips.
If we don’t get the setup we are looking for then we don’t trade.
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