GBP/USD
Price gave us the dip and the bullish cs formation we were looking for yesterday and rallied to the limit-10 pips inside the BF786 as per analysis for a profit of 87 pips.
FOR TODAY:
We are close to the BF786 which will be sell territory IF we get a bearish cs formation. Else we expect price to rally and take out the B high at 5779 giving us a new AB swing.
Only if price takes out the A low then we will be reversing on this time frame.
SHORT: Will be going short only IF:
We need price to hit the BF786 at 5732 and thereafter give us a bearish cs formation. The cs formation can be anywhere inside the B high .This will be a ST and will have a limit down at the A low since we had an 86 prior bounce, stops above the cs formation, max 1.5% risk.
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 have already reached the limit at 5722, but if we get a clear dip and a bullish cs formation we can trade long since price will probably then rally to violate the B high.
For position traders – The long trade was re-established on yesterdays dip and we will see if we get a break of the B high to open the topside for rallies higher up.
If we don’t get the setup we are looking for then we don’t trade.
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