GBP/USD 3 JULY 2012

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We are still waiting for a clear B swing high on this pair. Price tested the 5713 high that was in place and found resistance at 5720, but we don’t have a clear swing high at present.

FOR TODAY:

Will stand aside on this pair until the setup becomes clearer.

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

SHORT: Will be going short only IF:

We don’t have a clear swing high followed by a swing low for a short entry according to the system. I will stand aside for a clearer set-up.

If we don’t get the set-up we are looking for then we don’t trade.

LONG: Will be going long today only IF:

We need a retracement down 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.