GBP/USD
Price gave us a bullish cs formation on GBP yesterday. Price never rallied further though and has also retraced during the Asian session.
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. We are looking for price to break the 6078 highs to open the topside. 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, 1.5% max risk. Trade this as a ST to the 6120 price.
If we don’t get the setup we are looking for then we don’t trade.
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