GBP/USD
Price gave us the bearish cs formation we were looking for yesterday and fell down to the limit at 5930 in the same day, was expecting this to be a ST.
FOR TODAY:
With price falling down to the 86 of the swing we are technically supposed to buy bullish cs formations. Look for a test of the lows and a bullish cs formation to go long.
Else if price rallies and gives us a bearish cs formation it will be resumption of the downtrend and price will be heading for the 5875 lows, only when price falls and takes out the 5875 low will we be reversing on this pair.
SHORT: Will be going short only IF:
We will be looking for a rally and a bearish cs formation to short this pair. We have support that could turn into resistance at 5945/5980 and a 382 at 5987, so at any of these levels we could expect price to reverse. Failing this we have a 618 up at 6042. Stops above the cs formation, max 1.5% risk, limits can be either 100 pips or a ST down to the 5620 area, or 5470 area.
If we don’t get the setup we are looking for then we don’t trade.
LONG: Will be going long today only IF:
Since we are still in the up-trend on the 1h chart, not having taken out the 5875 lows yet, we will look to buy on a test of the overnight lows after bullish cs formations. This will be considered a ST with limits set up at the BF786.
Be aware of the selloff we had yesterday, so if we get a clear bearish cs formation we will exit and reverse.
If we don’t get the setup we are looking for then we don’t trade.
No comments:
Post a Comment