GBP/USD - follow me on twitter @fxdailyforecast
Price gave us the bearish sc formation we were looking for yesterday and we went short on that trade setup. We are still in that short trade setup.
FOR TODAY:
Today will be another DA786 trading day, we are looking to sell rallies after bearish cs formations down to the 5708 price level. We will only add to positions if yesterdays trade is 50+ pips in the money.
SHORT: Will be going short only IF:
We need a clear bearish cs formation for a short trade setup – preferably after a small rally. Place stop 14 pips above the high of the cs formation, max1.5% risk. This will be a ST entry, with limits down at the 5708.
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 will wait for a BF786 trade setup, until price reaches that level we will not be looking for long trade setups.
If we don’t get the setup we are looking for then we don’t trade.
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