GBP/USD
Price gave us the “bearish cs formation after a rally”
that we were looking for at 09h00 GMT yesterday. Limited out at the BF786 – 10 pips
inside, for 118 pips.
We are still in the AB swing. If price tests the BF786 and then gives us a
bullish cs formation we will trade it long.
Else if price just continues down and takes out the B
low, we will have a new AB swing in play. We then start all over again.
SHORT: Will be
going short only IF:
Shorts are now only considered up at the 5650/5700 areas.
Stops above the cs formation - max 50
pips.
LONG: Will be
going long today only IF:
Price falls to the BF786 and then gives us a bullish cs
formation. Stops below the cs formation. This will be a ST with limits set at
the A high since we have an 86 prior.
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