GBP/USD - follow me on twitter @fxdailyforecast
We did get a dip and a bullish cs formation on Friday, we entered long and were stopped out on both trades, the first one was for 6 pips profit, the second trade was for 56 pips loss.
FOR TODAY:
Price fell all the way down towards the A low, but failed to take it out. A bullish cs formation form current levels will initiate a long trade setup, with limits much higher up.
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:
We get a bullish cs formation from current levels, while inside the 5644 lows. Places stop 10 pips below the low of the cs formation. Limits will be at 5890 over coming sessions.
If we don’t get the setup we are looking for then we don’t trade.
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