GBP/USD 6 MARCH 2012

GBP/USD - follow me on twitter @fxdailyforecast

No trade setup on Sterling yesterday, Price dipped shy of the 618 and bounced off that level.

FOR TODAY:

We are still 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 setup, or a sell up at the BF786.

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 a rally to the BF786 followed by a bearish cs formation. Stop will be 13 pips above the high of the cs formation. Limits down at 5790, this will be a ST 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 upon entry.

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