GBP/USD 4 JULY 2012

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We seem to have a B swing in place at 5720. Price is really consolidating here.

FOR TODAY:

No trade set-ups, we need price lower down at the 618 for a buy entry, short trades are not considered at present, we don’t have the system conditions in place for a short trade.

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, added to that, the bounce is too shallow. Will stand aside for a clearer set-up.

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 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.