GBP/USD
No trade setup on GBP yesterday. Price also fell and took out its B low, giving us a new B down at 5494, we will keep the A up at 5887 since we don’t have a decent swing high after the 5582 lows.
FOR TODAY:
We now have to wait for either a fall to the BF786 and a bullish cs formation for a long trade setup, or a rally to the 618/786 and a bearish cs formation for a short trade setup.
SHORT: Will be going short only IF:
We need price up at the 618/786 of this AB followed by a bearish cs formation before we can consider short entries. Stops above the cs formations and limits on the 618 is 100 pips, while the 786 entry will be a ST to the BF786.
If we don’t get the setup we are looking for then we don’t trade.
LONG: Will be going long today only IF:
We get down to the BF786 and then get a bullish cs formation. Stops below the low of the cs formation, max 1.5% risk, and limit will be 80-100pips since we have a shallow bounce, less than a 382 prior.
If we don’t get the setup we are looking for then we don’t trade.
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