GBP/USD - follow me on twitter @fxdailyforecast
We had a long entry on Sterling yesterday after price gave us a bullish cs formation after a test of the 86. We are still in that trade since it’s a ST with limits set at 5918, we expect price to reach this level over coming sessions.
FOR TODAY:
Today is a DA86 trading day where we are looking for price to continue up. We will be looking to buy dips after bullish cs formations. We add to the current position only if its 50+ pips in the money at the time of the second long entry.
Else shorts are only considered once we hit the BF786 followed by a bearish cs formation.
A break of the 5644 low on a sustained basis will open the downside and 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 to the BF786 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:
Today is a DA86 trading day, we are expecting price to rally so we will look to buy dips after bullish cs formations for limits up at the 5918 level. Stops 10 pips below the low of the cs formation.
If we don’t get the setup we are looking for then we don’t trade.
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