GBP/USD -
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No trade setup on Sterling yesterday, price consolidated
for most of the day, breaking out later and rallying to the 50 of the AB swing.
FOR TODAY:
We will need to wait for a retracement to the 618/786 of
this swing followed by bearish cs formations for a sell entry.
Long trade
setups are only considered at the BF786 after cs formations.
If we don’t get the setup we are looking for then we
don’t trade.
SHORT: Will be
going short only IF:
We need price to rally to the 618/786 of this swing and
give us bearish reversal cs formations at either of these fibs. Place stop 13
pips above the high of the cs formation, max 1% risk. Limits defined at 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 will need price to test the BF786 followed by a
bullish cs formation for a long trade setup. Stops will be 10 pips below the low of the cs
formation, max 1% risk, limits defined at time of entry.
If we don’t get the setup we are looking for then we
don’t trade.
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