GBP/USD -
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Price gave us a bearish cs formation on Friday, we went
short, but exited on the test since we didn’t want an open position for the
weekend with price either at our entry price, or against us since we never know
where price opens after the weekend.
FOR TODAY:
We are still of the opinion that price is heading lower;
we look to re-establish short trades on tests after bearish cs formations.
A violation of the 5991 highs will start a 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 and a bearish cs formation after testing the 5908/22 highs. Place stop 13 pips
above the high of the cs formation, max 1% risk. This will be considered a ST
with limits down at the BF786 over coming sessions.
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 test of the 5769 lows followed by a clear
bullish cs formation. This will be a sign that the 5769 price area is holding
and will be good for a long trade setup, stop 10 pips below the low of the cs
formation, max 1% risk.
If we don’t get the setup we are looking for then we
don’t trade.
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