GBP/USD 9 FEBRUARY 2012

GBP/USD

Price gave us a B high yesterday and then fell to the 618. There was no entry setup though.

FOR TODAY:

Today we have a DA618 trading day where we expect price to continue up. We will look to buy dips for 60-70 pips, unless the dip reaches the 786, which will be a ST.

SHORT: Will be going short only IF:

We need price up at the BF786 and a clear bearish cs formation for a short trade setup. Place stop 14 pips above the high of the cs formation, max1.5% risk, limits down at 5786.

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 looking for a dip and a bullish cs formation for a long entry today since it's a DA618 trading day. Limits are set at 70 pips, stops 10 pips below the low of the cs formation, max 1.5% risk. 

If we dip down to the 786 and then get a bullish sc formation, trade that limit to the BF786 as a ST.

If we don’t get the setup we are looking for then we don’t trade.