GBP/USD 17 FEBRUARY 2012

GBP/USD - FOLLOW ME ON TWITTER - FXDAILYFORECAST

Price gave us the bullish cs formation we were looking for yesterday after hitting 5663 as per analysis yesterday morning. We entered the long trade setup which limited out with 70 pips profit.

FOR TODAY:

Price has since rallied and has come shy of the 618 on the AB swing. We need price to hit the 618/786 followed by a bearish cs formation for a short trade setup.

SHORT: Will be going short only IF:

We need price to hit the 618/786 and a clear bearish sc formation for a short trade setup. Place stop 14 pips above the high of the cs formation, max1.5% risk. Limits for a 618 entry 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 down at the BF786 and a bullish cs formation for a long trade setup. Place 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.