GBP/USD
No trade setup on Cable yesterday. Price found resistance at the 5520 area as per analysis and reversed. Price then took out the B low and gave us a new AB swing, A 5531, B 5407.
FOR TODAY:
Price bounced up to the 618 of the AB swing yesterday, we can only buy bullish cs formations after price hits the BF786, and sell after bearish cs formations at the 618/786.
SHORT: Will be going short only IF:
We need price up at the 618/786 and a bearish cs formation for a short entry. Trade the 618 for 50-60 pips and the 786 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 need price down at the BF786 and then a bullish cs formation for a long entry. Limit at the 786 since we have a 618 prior. Stop below the low of the cs formation.
If we don’t get the setup we are looking for then we don’t trade.
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