GBP/USD - follow me on twitter @fxdailyforecast
No trade setup yesterday on Cable. Price did however rally to the BF786.
FOR TODAY:
Since we have already hit the BF786 we will be looking for a short trade opportunities being a DABF786 trading day. Note that this is in conflict with the Euro, so if we get opposite entries, remember one of them will be stopped out. Either take both entries if they present themselves, or stay out.
SHORT: Will be going short only IF:
We get another attempt at the highs followed by a bearish cs formation. Trade this for a 70 pip fall since it’s a shallow bounce. Stop will be 13 pips above the high of the cs formation.
If we don’t get the set-up we are looking for then we don’t trade.
LONG: Will be going long today only IF:
We need price down at the 618/786 and a bullish cs formation for a long trade setup. Place stop 10 pips below the low of the cs formation, limits advised later.
If we don’t get the setup we are looking for then we don’t trade.
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