GBP/USD -
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No entry on Sterling yesterday, price came several pips
shy of the BF786, and rallied. Price then retraced late in the US session into
Asia.
FOR TODAY:
Price found resistance at the 86 yesterday and fell from
there. Today will technically be a DA86 trading day where we will look for
price to continue down. We will look to sell after a rally and a bearish cs formation
-HOWEVER - We will look to buy if price bounces off the
BF786 and gives us a bullish cs formation, this will be good for a rally to the
A high up at 6197.
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 followed by another bearish cs
formation. This will initiate a short
trade setup being a DA86 trading day. Place stop 13 pips above the high of the
cs formation, max 1% risk. Limits be down at the BF786.
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 will need price to test the BF786 followed by a
bullish cs formation for a long trade setup. Stops are 10 pips below the cs formation;
limits in this scenario will be 10 pips inside the A high – 6187.
If we don’t get the setup we are looking for then we
don’t trade.
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