Wednesday, 1 August 2012

GBP/USD 1 AUGUST 2012


GBP/USD - follow me on twitter @fxdailyforecast and stocktwits.com/fxg
We are still in the bullish AB swing on this pair.

FOR TODAY:
We are looking for 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 set-up 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.

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