GBP/USD
Price gave us the bearish cs formation after hitting the BF786 yesterday, but that trade was stopped out. We then had another bearish cs formation but the stop was too big for the trade, we have fallen since.
FOR TODAY:
Today we look for a test of the bearish cs formation and expect price to continue the fall.
Only if price takes out the A low at 5525 then we will be reversing on this time frame.
SHORT: Will be going short only IF:
We are looking for a test of the bearish cs formation yesterday, trade a bearish cs formation after a rally, stop above the cs formation, max 1.5% risk, limit can be down at the A low at 5525.
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 can trade a long trade setup if price falls to the 86 at 5561 and gives us a bullish cs formation at that level, this will qualify as a DD entry and will attract a limit at the BF786.
For position traders – The long trade was exited as per post yesterday with 65 pips profit.
If we don’t get the setup we are looking for then we don’t trade.
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