GBP/USD 15 JUNE 2012

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Price never gave us a bearish cs formation to short. We have bullish support at 5472 which seems to be holding up.

FOR TODAY:

We have been in this AB swing all week now. Cable seems well supported on dips as we are making higher lows, we will look to buy dips with targets higher up.

Short trades will be considered if we get failure circa 5600.

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

SHORT: Will be going short only IF:

We will consider short trade setups if price rallies and fails at the B high with a clear bearish cs formation. If however price falls and gives us a bullish cs formation afterwards we will exit the trade and reverse position. Place stop 13 pips above the cs formation, max 1% risk. Limits will be 70-80 pips.

A sustained break of 5600 negates this view and opens the upside.

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 look for support down at yesterday’s lows -5500/5490, or lower down at the 618/786 where we will buy after confirming bullish cs formations.  Place stop 10 pips below the cs formation, max 1% risk.

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