Thursday, 24 May 2012

GBP/USD 24 MAY 2012


GBP/USD - follow me on twitter @fxdailyforecast and stocktwits.com/fxg
Price broke the B low giving us a new AB swing, but now in the UK session it seems to be breaking the B low again.

FOR TODAY:
The current break of the 5672 B low will have us looking for another swing low to call a B low. Until then we can have no setups.

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 a swing low first, then a retracement to the 618/786, until then we have no trade set-ups.

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 have broken the B low, now we are looking for another low to call a B low, we don’t have any long trade setups.

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

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