GBP/USD 28 FEBRUARY 2012

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No trade setup on Sterling yesterday, price consolidated after finding resistance at the 5900 level.

FOR TODAY:

I’m still of the view that price is heading for 5928, We will still look to buy  dips after bullish cs formations until price reaches 5918/5928.

Only a clear bearish cs formation at the 5900 level negates.

SHORT: Will be going short only IF:

We get a test of the 5900 price level and then get another bearish cs formation, telling us that the level is holding, this will probably drive price down to the 5650 area again.

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 still looking for price to extend towards the 5918/28 level. We are looking to buy dips after bullish cs formations. We will trade this entry as a ST to the 5900/5918 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.