GBP/USD 20 JULY 2012

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Price rallied to break the B high giving us a new AB swing.

FOR TODAY:

We need to wait for a retracement down to the 618/786 for a long entry.

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 setups today.

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 wait for a retracement down to the 618/786 of this swing for a long entry.

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