GBP/USD 5 MARCH 2012

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No trade setup on Friday for Cable. Price fell to the 50 of the AB swing.

FOR TODAY:

We are in no man’s land on Sterling – We need price at the 618/786 of this swing followed by a bullish cs formation for a long trade set-up.

Else shorts are only considered once we hit the BF786 followed by a bearish cs formation.

SHORT: Will be going short only IF:

We get another attempt at the highs followed by a bearish cs formation. Stop will be 13 pips above the high of the cs formation. Limits will be defined at the 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 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 at time of entry.

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