GBP/USD
No trade setup on GBP Friday. Price gave us the B low were waiting for. Price rallied to the 618 of the AB swing and fell back to the BF786, but it was outside our trading time. This bounce at the BF786 and the 618 prior tells us that price should be heading for the 786 up at 5534.
FOR TODAY:
We can only sell after we hit the 786 and get a bearish cs formation, or buy after we either hit the BF786 and get a bullish cs formation, or if price rallies and takes out the B high up at 5565 we will be reversing on this time frame.
SHORT: Will be going short only IF:
We need price up at the 786 at 5534 and a bearish cs formation for a short entry. Place stop above the high of the cs formation, limits set at the BF786. This will qualify as a ST.
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 need price down at the BF786 and a bullish cs formation for a long trade setup. Place stop below the low of the cs formation, limits will be set at the 786 at time of writing. Change limits accordingly if this changes during the trading day, depending on the prior bounces we get.
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