GBP/USD
Price took out the B low but failed to sustain the fall and bounced back up.
FOR TODAY:
We have a new B that established itself at 5644. We can only sell at the 618/786, or buy down at the BF786, both after confirming cs formations.
SHORT: Will be going short only IF:
We need price up at the 618/786 and a bearish sc formation for a short trade setup. Place stop 14 pips above the high of the cs formation, max1.5% risk. Limits for the 618 will be 60-70 pips and a 786 entry will be a ST 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 to fall to the BF786 followed by a bullish cs formation for a long trade setup, Stop 10 pips below the low of the cs formation, max 1.5% risk, limits will be 70 pips.
If we don’t get the setup we are looking for then we don’t trade.
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