GBP/USD 17 JULY 2012

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Price rallied yesterday off the 382 to take out the B high confirming the start of an up trend on this timeframe.

FOR TODAY:

We first need to wait for a B high to form, then we need price to retrace to the 618/786 of this swing followed by a clear bullish cs formation for a long trade setup.

Short trades are not considered.

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

SHORT: Will be going short only IF:

No short trade setups today, we are waiting for a B high to form.

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 first need a B high to form, then a pullback to the 618/786 of this swing for a long trade setup.

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