GBP/USD
Price rallied on Friday, it seemed to be giving us an AB swing that we might be able to work with.
FOR TODAY:
Looks like we can draw fibs from the A low at 5232, to our new B high at 5576. We can now only buy down at the 618/786 of this swing, or sell once we have BF786 setup.
SHORT: WILL ONLY BE GOING SHORT IF:
We need a BF786 and a bearish cs formation for a short entry; right now we have a B high. We will need to wait for a swing low to form, then a rally to test the B via a BF786 setup.
If we don’t get the cs formations we are looking for then we don’t trade.
LONG: WILL ONLY BE GOING LONG TODAY IF
We need price down at the 618/786 and a bullish cs formation for a long trade setup.
If we don’t get the setup we are looking for then we don’t trade.
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