GBP/USD - follow me on twitter @fxdailyforecast
No trade setup on Sterling yesterday, price fell but didn’t give a clear bearish signal.
FOR TODAY:
We are close to the BF786 for a long setup but we need to hit it before we consider going long.
Else a violation of the 5601 lows confirms the bearish reversal on this timeframe.
If we don’t get the setup we are looking for then we don’t trade.
SHORT: Will be going short only IF:
We get a rally to yesterday’s highs followed by a clear bearish cs formation; this qualifies as a DD entry and will be good for 100 pips, else higher up at the 618/786 of this AB swing followed by a bearish cs formation. Stop will be 13 pips above the high of the cs formation. Limits defined at time of entry.
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 get a bullish cs formation after price hits the BF786, or while inside the 5602 lows. Places stop 10 pips below the low of the cs formation. Limits will be defined at time of entry.
If we don’t get the setup we are looking for then we don’t trade.
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