GBP/USD 30 JULY 2012

GBP/USD - follow me on twitter @fxdailyforecast and stocktwits.com/fxg

Price rallied yesterday to take out the A high starting a reversal on this timeframe.

FOR TODAY:

We now 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.

SHORT: Will be going short only IF:

No short trade set-ups.

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 are looking for a retracement down to the 618/786 of this AB swing for a long trade setup. Place stop 10 pips below the low of the cs formation, max 1% risk.

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