GBP/USD
We had a dip and a bullish cs formation on Friday afternoon, but it was at the end of the session. We are back at that price right now.
FOR TODAY:
We are still in the same AB swing on Sterling. Since we had a very deep bounce out of the A low again, we are looking for price to extend towards 6120. Buy dips towards 6120, stops below the cs formation.
Else if price falls and takes out the 5875 low then we will be reversing on this pair.
SHORT: Will be going short only IF:
We get to the 6120 price level or even the 6165 highs and get a bearish cs formation, trade this as a ST to the BF786, stops above the cs formation, max 1.5% risk.
LONG: Will be going long today only IF:
We need a dip to buy into with stops below the cs formation. Trade this as a ST to the 6120 price, add to the previous position. Remember 1.5% max risk on the stop.
If we don’t get the setup we are looking for then we don’t trade.
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