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 were limited out on both trades, first one was 136 pips, second trade was 65 pips, for a total of 201 pips profit.
FOR TODAY:
Price fell past the BF786 to the B support low. A bullish cs from current levels or maybe after a test of the low will signal a rally towards 5900/5920 over coming sessions.
A break of 5644 negates this view and opens the downside.
SHORT: Will be going short only IF:
No short trade setups, we need price much higher for a short trade setup. If price falls and takes out the 5644 B low then we wait for a B to form, followed by a retracement to the 618/786 for a short set-up.
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 are in long territory, failure to take out the 5644 B low will signal a long trade. We will wait and see if we get a test of the low during the UK session followed by a clear bullish cs formation. We will trade this entry as a ST to the 5900/5920 price level over coming sessions. Stops 10 pips below the low of the cs formation.
If we don’t get the setup we are looking for then we don’t trade.
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