GBP/USD
Price bounced at the A low yesterday, then rallied and violated the B high yet again yesterday giving us a new AB swing again.
FOR TODAY:
We again need to wait for a retracement to the 618/786 of this AB swing and a bullish cs formation for a long trade setup.
We don’t have a BF786 setup at present.
SHORT: WILL ONLY BE GOING SHORT IF:
We have a B, but we will need a swing low before we can determine the BF786. We will have to wait for the swing low setup before we can ascertain the BF786.
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 to retrace to the 618/786 of this swing and a bullish cs formation for a long trade setup. Stops 10 pips below the low of the cs formation, limits for the 618 will be 60-70 pips, and the 786 will be a ST to the BF786.
If we don’t get the setup we are looking for then we don’t trade.
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