GBP/USD
Price gave us another entry yesterday, albeit in the same area as the previous day. Price reached our limit at 6120 and has retraced since then. The 5918 and 6049 long entries were both limited out.
FOR TODAY:
Price is at the BF786 sell territory, price gave us a bearish cs formation after hitting the BF786, we are now expecting price to fall down to the 5930 price over coming sessions, if this bearish cs formation doesn't hold, we will still be looking to sell bearish cs formations while inside the 6165 high.
A violation of this high would be continuation of the uptrend.
Only when price falls and takes out the 5875 low then we will be reversing on this pair.
SHORT: Will be going short only IF:
We are currently in BF786 sell territory, sell bearish cs formations down to 5930. These will be ST which we expect price to reach over coming sessions. Stop max 1.5%.
LONG: Will be going long today only IF:
Since we have reached our target at 6120, we will not be looking for buying opportunities, unless we get down to the 786 much lower down.
If we don’t get the setup we are looking for then we don’t trade.
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