GBP/USD
Price rallied on Friday to the 50 of the AB swing and then gave us a bearish cs formation. This was also at past support that became resistance on Friday.
FOR TODAY:
Price has retraced back to the BF786 during Asia. We will look for long entries on bullish cs formations either at the BF786, or lower down while inside the B low.
Else if price rallies to test Friday's high and thereafter gives us another bearish cs formation that will qualify as short entry.
Else if price rallies to test Friday's high and thereafter gives us another bearish cs formation that will qualify as short entry.
Else if price falls and takes out the B low we will have a new AB swing forming.
SHORT: WILL ONLY BE GOING SHORT IF:
We get a test of Fridays highs and a bearish cs formation, or we need price up at the 618/786, and then a bearish cs formation for a short trade setup. Limits for the 618 is 100 pips and the 786 is a ST to the BF786. Stops above the cs formations, max 1.5% risk.
If we don’t get the cs formations we are looking for then we don’t trade.
LONG: WILL ONLY BE GOING LONG TODAY IF:
We get a bullish sc formation from current levels since we have already hit the BF786. Else lower down while inside the B low will do as well. This entry will be a ST with limits set at the 618 since we have had a 50 prior bounce. Stops below the cs formation, max 1.5% risk.
If we don’t get the setup we are looking for then we don’t trade.
No comments:
Post a Comment