GBP/USD -
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Price tested the B low yesterday and gave us the bullish
cs formation we were waiting for.
FOR TODAY:
The bounce out of the B low yesterday indicates that we
heading for 5680 over coming sessions. Buy after dips followed by bullish cs formations
to add to current positions until 5680.
Shorts are considered higher up at the 618/786 after
bearish 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:
Short trades are considered higher up at the 786 of this
swing. We will need a really clear bearish cs formation at the 618 to consider
a short since its close to the 5650 break. Look for 786 to offer resistance rather.
A sustained break of 5777 opens the upside again.
If we don’t get the setup we are looking for then we
don’t trade.
LONG: Will be
going long today only IF:
Buying after a dip followed by a bullish cs formation
will be the preferred strategy. We look for price to extend towards 5720 over
coming sessions. Place stops 10 pips below the cs formation, limits at 5715.
If we don’t get the setup we are looking for then we
don’t trade.
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