EUR/USD
No trade setups yesterday as price rallied off the 382 to take out the B high giving us a new AB swing. We can only sell a BF786 after a cs formation, or buy at the 618/786 after a bullish cs formation.
SHORT: WILL ONLY BE GOING SHORT IF:
Price hits the BF786 and gives us a bearish cs formation afterwards. Trade it for 50 pips since it’s a shallow bounce.
LONG: WILL ONLY BE GOING LONG TODAY IF:
Price gets down to the 618/786 and get a bullish cs formation afterwards. Trade the bullish cs two ways:
- Either limit the 618 entry for 50 pips as usual, or hold it as a PT to the 4486 price level
- The 786 will also either be a limit at the BF786 as usual, or hold it for the 4486 price level as well.
The reason I mention this is because we have a BF786 after a 786 prior on the 4h chart which tells us that price will be heading for the 4486 level over coming days.
The last two daily candles also tell us that price might be heading back up to 4730 over the next while.
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