GBP/USD 29 JULY 2011

GBP/USD

No trade setup on Sterling yesterday.

Price hit the 786 yesterday but then never gave us a clear bullish cs formation and went sideways for the rest of both sessions. Today we are looking for a DA786 trading day where we expect price to rally, if only a small rally before we fall again. If we continue down without a rally and take out the A low we will be reversing on the 1h chart.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a rally to the BF786 and thereafter a bearish cs formation, trade this to the A low since we would have had a 786 bounce. Even a rally to test the overnight highs and a clear bearish cs formation will do for a short trade heading for the A low.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We are looking for a DA786 trading day, so if we get a dip and a bullish cs formation, trade it to the BF786 as a PT.

EUR/USD 29 JULY 2011

EUR/USD

We lost 50 pips yesterday with the bullish cs  at the A low that failed.

Price continued to fall down to the A low of the AB swing taking it out and giving us a new AB swing, during Asia we rallied up to the 382. We will buy a BF786, or sell higher up at the 618/786, both after cs formations.

SHORT: Will be going short only IF:

We need price up at the  618/786 followed by a bearish cs formation for a short entry, the 618 will have a 60 pip limit, and the 786 will be a PT to the BF786.

LONG: Will be going long today only IF:

We get to the BF786 and thereafter get a bullish cs formation. Trade this cs formation for a 60 pip limit since it’s a shallow bounce.

GBP/USD 28 JULY 2011

GBP/USD

No trade setup on Sterling yesterday.

Price has pulled back to the 618 off the AB swing, we are now in buy territory, we will wait for price to test the 786 since it went through the 618,  if we get a bullish cs formation after the 786, trade long, else if price continues down and takes out the A low then we will be reversing the trend.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a rally to the BF786 and thereafter a bearish cs formation, trade this to the 786 since we would have had a 618 bounce (as of 05h00GMT), if this changes to the 786 prior then adjust limit accordingly.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We are in buy territory, but since we fell through the 618, we expecting the 786 to offer up a long signal. Normally when price pokes through the 618 several times like it did on this chart, then price falls to the 786 and thereafter gives us a bullish cs formation. If this happens trade the 786 entry to the BF786 as a PT.

If however we do get a clear dominant cs formation before the 786 then we will take it for a 60 pip limit.

EUR/USD 28 JULY 2011

EUR/USD

We had a bearish cs formation after the BF786 yesterday which we took and limited out at 50 pips profit.

Price continued to fall down to the A low of the AB swing. We are also in buy territory here, if we get a bullish cs formation, else if price takes out the A low then we are staring a reversal process.

SHORT: Will be going short only IF:

We need price up at the BF786 and a bearish sc formation for a short trade entry, this will be PT to the A low since we would have had an 86 bounce.

LONG: Will be going long today only IF:

We are in buy territory; any clear bullish cs formation here would constitute a long trade setup with limits at the BF786 therefore a PT. Once trade is 80 pips up, place stop at zero, but leave limit at the BF786.

GBP/USD 27 JULY 2011

GBP/USD

No trade setup on Sterling yesterday.

We have a new bullish AB swing in play, we have a very aggressive trend in play here, we might not get any entries if we wait for the 618/786 as entry points. We will buy clear bullish cs formations after dips, even if they are not at the 618/786.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a bearish cs formation at the BF786 after a swing low, we don’t have that as yet, price went sideways for the past few hours, we need a swing low before the BF786 to qualify as an entry. This will be a 60 pip limit since it’s a shallow bounce. Watch out that we get a fall and then a bullish cs formation, if this happens reverse and go long.

LONG: WILL ONLY BE GOING LONG TODAY IF:

Price gives us a bearish cs formation and then suddenly reverses and forms a bullish cs formation. This will be the signal to go long, else if price falls down to the 618/786 and gives us a bullish cs formation. Trade the 618 for 60 pips and the 786 as a PT to the BF786.

EUR/USD 27 JULY 2011

EUR/USD

No Trade setup yesterday on EUR.

We have a new AB swing. The trend here is also aggressive, and has not been bouncing deep into the 618/786, so we will enter on a bullish cs formation even if it’s not a 618. It has to be a clear cs after a dip.

SHORT: Will be going short only IF:

We get a bearish cs formation at current levels, trade for 50 pips limit and watch out for bullish counter formations.

LONG: Will be going long today only IF:

We get a dip and then a bullish cs formation, even if it’s not all the way down at the 618/786, because the trend has been aggressive we won’t wait for a dip to the 618/786, higher up will do.

GBP/USD 26 JULY 2011

GBP/USD

Price never hit the BF786 followed by a bearish cs formation, so no trade setup on Sterling yesterday.

Price fell a bit and then went sideways for the rest of the day and rallied during the Asian session. We are at the B high threatening to take it out. If we take it out we will have a new AB swing in play. We then have to wait for a 618/786 to long and a BF786 to short.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a bearish cs formation from current levels. This will be a 60 pip limit since it’s a shallow bounce. Watch out that we get a fall and then a bullish cs formation, if this happens reverse and go long.

LONG: WILL ONLY BE GOING LONG TODAY IF:

Price gives us a bearish cs formation at these highs and then suddenly reverses and forms a bullish cs formation. This will be the signal to go long, else if price falls down to the 618/786 and gives us a bullish cs formation, trade the 618 for 60 pips and the 786 as a PT to the BF786.

EUR/USD 26 JULY 2011

EUR/USD

We got our bearish cs formation after the test of the BF786 but price reversed and stopped us out for 50 pips loss.

Price went rather sideways after our entry yesterday and eventually reversed and pushed through the B high continuing the uptrend on the hourly chart. We now have a new A down at 4320 but we need to wait for a B to form which is minimum 2 hours from now. Once we have a B we can draw fibs to identify the 618/786.

SHORT: Will be going short only IF:

No short trade opportunities since we don’t even have a B high yet. Will update later in the day if we get something according to our system, but highly unlikely.

LONG: Will be going long today only IF:

First we need a B to form, once we have that we need price to fall down to the 618/786 and give us a bullish cs formation. Trade the 618 for 50 pips and the 786 as a PT to the BF786.

GBP/USD 25 JULY 2011

GBP/USD

We got our bearish cs setup, but it was too late on Friday afternoon so we never took that trade setup, would prefer not to be in a position over the weekend if the entry appears so late in the day.

Price rallied and tested the B high during Asia and has since fallen back a bit. Looking for a test of the high during the UK session. Else if price rallies and takes out the B high, then we will have a new AB swing.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a bearish cs formation after testing the high today. This will be a 60 pip limit since it’s a shallow bounce.

LONG: WILL ONLY BE GOING LONG TODAY IF:

Price falls down to the 618/786 and gives us a bullish cs formation. Trade the 618 for 60 pips and the 786 as a PT to the BF786.

EUR/USD 25 JULY 2011

EUR/USD

We got our bearish cs formation after the BF786 on Friday and limited out at 50 pips profit.

Price fell a bit on Friday and during Asia hit the BF786 and gave us another bearish cs formation. We will be looking to sell today for a 50 pip profit again. Else if price rallies and takes out the B high then we will have a new AB swing in play.

SHORT: Will be going short only IF:

Looking for a test of the cs formation, trade this with stop above the cs high with targets set at 50 pips.

LONG: Will be going long today only IF:

Price falls down to the 618/786 and gives us a bullish cs formation. Trade the 618 for 50 pips and the 786 as a PT to the BF786.

GBP/USD 22 JULY 2011

GBP/USD

We got our bearish cs formation with constituted a BF786, price fell and then found support and gave us the dip we mentioned yesterday, but the stop was too big for the long trade.

Price confirmed resumption of the uptrend by taking out the B high giving us a new AB upswing. We now need to wait for either a BF786 short trade, or a buy down at the 618/786 both after cs formations.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a bearish cs formation after hitting the BF786. This will be a 60 pip limit since it’s a shallow bounce.

LONG: WILL ONLY BE GOING LONG TODAY IF:

Price falls down to the 618/786 and gives us a bullish cs formation. Trade the 618 for 60 pips and the 786 as a PT  to the BF786.

EUR/USD 22 JULY 2011

EUR/USD

No trade setups on EUR yesterday, we missed the short trade by 1 pip, had a forward order in at 4257, price came to 4256. Price gave us the dip we anticipated, but once again the stop was more than 50 pips.

Price took out the A high yesterday doing a reversal. We now need a BF786 for a sell setup, and a 618/786 for a buy setup, both after cs formations.

SHORT: Will be going short only IF:

We get a BF786 and a bearish cs formation setup, trade this for 50 pips since it’s a shallow bounce.

LONG: Will be going long today only IF:

Price falls down to the 618/786 and gives us a bullish cs formation. Trade the 618 for 60 pips and the 786 as a PT to the BF786.

GBP/USD 21 JULY 2011

GBP/USD

We exited our short at 6117 for a 20 pip profit after we got a very strong bullish cs formation around the UK open. No other trading opportunity on GBP yesterday.

We are still in the UP AB swing, still in the BF territory. We need a bearish cs formation for a short trade setup, and longs will be considered if we get a dip and a bullish cs formation.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a bearish cs formation, normally we would hold this position down to the 50 level since we had a 382 prior, but considering the recent price action, exit when we get a bullish cs formation. Price has been heading higher on dips all week.

LONG: WILL ONLY BE GOING LONG TODAY IF:

Price falls and gives us a bullish cs formation before we hit yesterdays support. The reason I say this is that we have strong support at 6068,6000.

This is not in accordance with our system of buying at the 618/786, but because we have a strong cs formation on the daily chart, we will consider buying dips inside the 6068 support area.

EUR/USD 21 JULY 2011

EUR/USD

We went long yesterday with the bullish cs at the open, but exited at BE and reversed to short when we got the bearish cs formation. This bearish cs formation was stopped out during Asia for 50 pips.

We are still in the down AB swing on EUR. We are now at the 786 again, so if we get a bearish cs formation at current levels we will short, be weary of bullish cs formations before yesterdays support, since on the daily chart we are also rather bullish on this pair. We will consider long trades on dips into yesterdays support at 4132.

SHORT: Will be going short only IF:

We are at the 786 area, any bearish cs formation can be traded, but watch that its only a dip and that we might get a bullish cs formation targeting the A high.

Note that this is not in accordance with our system: since we should be selling and holding to the BF786, but since we have had price being supported by dips over the last few days we will exercise caution here when we sell.

LONG: Will be going long today only IF:

Price falls and then gives us a bullish cs formation.  This should happen inside of yesterday’s lows. Trade this as a PT since we are creeping up all the time. The dailies support this as well.

GBP/USD 20 JULY 2011

GBP/USD 1H CHART

We had a bearish cs formation after the BF786 which failed and lost us 50 pips, we then got another bearish cs formation, which we are currently still in from 6140. Limits set at 5998.

Today we have a DA786 trading day, we expect price to fall down to the 50 level today.  Any bullish cs at or around the 50 will constitute a long trade setup as it will confirm a support at that price level.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a bearish cs formation, trade this as a PT down to the 50 level since we have a DA786 trading day today.

LONG: WILL ONLY BE GOING LONG TODAY IF:

Price falls to the 50 and gives us a bullish cs formation, trade this for 100 pips since we will have a DD at the 50 then, else a bullish cs after hitting the 618/786.

EUR/USD 20 JULY 2011

EUR/USD

We exited our two trades for a combined profit of 153 pips when we got a bullish cs formation at the UK open. We had a FO in for a long trade but price never hit the entry.

We are in no man’s land on EUR, price rallied yesterday and came shy of the 786, we need price at the 786 for a short, or down at the BF786 for a long trade setup, both after cs formations. The only other long entry will be a strong bullish cs at the UK open like we had yesterday.

SHORT: Will be going short only IF:

We get to the 786 again and get a bearish cs formation. Trade this as a PT down to the BF786.

LONG: Will be going long today only IF:

Price falls to the BF786 and then gives us a bullish cs formation, trade this as a PT to the A high since we would have already have had a 786. Else the only other long opprotunity will be a strong bullish cs at the UK open.

EUR/USD 19 JULY 2011 -UPDATE

EUR/USD -1H CHART

Exit the long positions, we will re-establish if we get a bearish cs formation at the 786 higher up.

Enter long position at 4107, stop 4057 (50 pip stop) below the low of the current bullish cs formation. Target for long will be 4363.

GBP/USD 19 JULY 2011

GBP/USD

6142 entry was limited out at 6042 yesterday. We got another entry at 6100 yesterday after a bearish cs formation, which we were stopped out for 28 pips, and then another bearish cs formation which fell to the 6010 limit and gave us 90 pips profit, along with Fridays 100 pip profit which we exited at 6042 as well.

Price bounced midway between the 382 and 50 yesterday, we looking to sell up at the BF786, or buy at the 618/786, both after cs formations.

SHORT: WILL ONLY BE GOING SHORT IF:

We get a bearish cs formation after hitting the BF786, PT this to the 50 since we would have had a 382 prior.

LONG: WILL ONLY BE GOING LONG TODAY IF:

Price falls to the 618/786 and gives us a bullish cs formation, trade the 618 for 100 pips since it’s a big AB swing, and the 786 entry will be a PT to the BF786.

EUR/USD 19 JULY 2011

EUR/USD

On Friday we got our second bearish cs formation on EUR/USD which gave us another entry at 4161, original entry at 4220, which we are still in. Limits for both trades are set at the BF786 below. Yesterday we got another bearish cs formation and an entry at 4057, but that one was stopped out for 50 pip loss.

We are still in the bearish AB swing, price went rather sideways after the slight fall yesterday, and then we got another bearish cs during US session which failed. Today we have another DA786 trading day, we are looking for another short entry today, until the BF786 is reached.

SHORT: Will be going short only IF:

We have a DA786 trading day today where we expect price to continue down, we are looking for a bearish cs formation telling us that price is continuing down today. Trade this entry as a PT down to the BF786.

LONG: Will be going long today only IF:

Price falls to the BF786 and then gives us a bullish cs formation, trade this as a PT to the A high since we would have already have had a 786.

GBP/USD 18 JULY 2011

GBP/USD - 1H CHART

We got a bearish cs formation after hitting the BF786 on Friday. Price entered us in at 6142, we are still in this trade as the 100 pip  hasn’t been reached yet. Moving stops to BE since price rallied 76 pips, close to my 80 pip rule. So no risk on this trade any longer.

We have a DA786 trading day today, we looking for price to continue down today, would prefer a small rally first before a fall.

SHORT: WILL ONLY BE GOING SHORT IF:

We get another bearish cs formation, place stop above the high of the cs formation with limits set at 100 pips, or 6010, before the 1.6000 round number. This is a DABF786 trading day, we expect price to continue down today.

LONG: WILL ONLY BE GOING LONG TODAY IF:

Price falls to the 618/786 and gives us a bullish cs formation, trade the 618 for 100 pips since it’s a big AB swing, and the 786 entry will be a PT to the BF786.

EUR/USD 18 JULY 2011

EUR/USD - 1H CHART

On Friday we got our second bearish cs formation on EUR/USD which gave us another entry at 4161, original entry at 4220, which we are still in. Limits for both trades are set at the BF786 below.

We are still in the bearish AB swing, price went rather sidesways after our entry on Friday, but has fallen during the Asian session. Today we have another DA786 trading day, we are looking for another short entry today, until the BF786 is reached.

SHORT: Will be going short only IF:

 We have a DA786 trading day today where we expect price to continue down, we are looking for a small rally and a bearish cs formation telling us that price is continuing down today. Trade this entry as a PT down to the BF786.

LONG: Will be going long today only IF:

Price falls to the BF786 and then gives us a bullish cs formation, trade this as a PT to the A high since we would have already have had a 786.

GBP/USD 15 JULY 2011

GBP/USD 1H CHART

No trade setup yesterday, with huge AB swings this is usually the case, it takes a bit longer.

Price hit the BF786 during Asia. If we get a bearish cs formation now we will short it for 100 pips since the swing is a big one.  Else if price just rallies up we will have a new AB swing setup again.

SHORT: WILL ONLY BE GOING SHORT IF:

We need a bearish cs formation for a short trade since the BF786 has been hit during Asia already. Trade this for 100 pips since it’s a big AB swing.

LONG: WILL ONLY BE GOING LONG TODAY IF:

Price falls to the 618/786 and gives us a bullish cs formation, trade the 618 for 100 pips since it’s a big AB swing, and the 786 entry will be a PT to the BF786.

EUR/USD 15 JULY 2011

EUR/USD 1H CHART

We got our bearish cs formation on EUR/USD which gave us an entry at 4220, which we are still in. Limits are set at the BF786 below.

We are still in the bearish AB swing, price fell a bit yesterday as per our DA786 trading day, we are looking for another short entry today, until the BF786 is reached.

SHORT: Will be going short only IF:

We have a DA786 trading day today again where we expect price to continue down, we are looking for a small rally and a bearish cs formation telling us that price is continuing down today. Trade this entry as a PT down to the BF786.

LONG: Will be going long today only IF:

Price falls to the BF786 and then gives us a bullish cs formation, trade this as a PT to the A high since we would have already have had a 786.

GBP/USD DAILY FORECAST 14 JULY 2011

GBP/USD

No trade setup yesterday, with huge AB swings this is usually the case, it takes a bit longer.

We have  a new bullish AB swing, price took out the A high yesterday doing a reversal pattern. We now have to wait for either a BF786 and a bearish cs to short, or a bullish cs formation after hitting the 618/786 for a long trade entry.

SHORT: WILL ONLY BE GOING SHORT IF:

We need price up at the BF786 -6173 and a bearish cs formation for a short trade. Trade this for 100 pips since it’s a big AB swing.

LONG: WILL ONLY BE GOING LONG TODAY IF:

Price falls to the 618/786 and gives us a bullish cs formation, trade the 618 for 100 pips since it’s a big AB swing, and the 786 entry will be a PT to the BF786.

EUR/USD DAILY FORECAST 14 JULY 2011

EUR/USD

No trade setups yesterday on EUR/USD.

We are still in the bearish AB swing, price bounced at the 786 during Asia, we are looking for a test of that level for a short entry today.

SHORT: Will be going short only IF:

 We have a DA786 trading day today where we expect price to continue down, we are looking for a rally and a bearish cs formation telling us that price is continuing down today. Trade this entry as a PT down to the BF786.

LONG: Will be going long today only IF:

Price falls to the BF786 and then gives us a bullish cs formation, trade this as a PT to the A high since we would have already have had a 786.

GBP/USD DAILY FORECAST 13 JULY 2011

GBP/USD

No trade setup yesterday.

We have  a new AB swing, price came shy of the 618 during Asia, we can only sell at the 618/786, or buy at the BF786, both after cs formations.

SHORT: WILL ONLY BE GOING SHORT IF:

We need price up at the 618/786 and a bearish cs formation for a short trade.

LONG: WILL ONLY BE GOING LONG TODAY IF:

Price falls to the BF786 and gives us a bullish cs formation, trade this as a PT to the 618 since we would have had a 50 bounce.

EUR/USD DAILY FORECAST 13 JULY 2011

EUR/USD

No trade setups yesterday on EUR/USD

We have a new AB swing , we need price at the BF786 for a buy, and up at the 618/786 for a sell, both after cs formations.

SHORT: Will be going short only IF:

We rally up to the 618/786 and thereafter get bearish cs formations, trade the 618 for 100 (since it’s a huge AB swing) pips and the 786 will be a PT to the BF786.

LONG: Will be going long today only IF:

Price falls to the BF786 and then gives us a bullish cs formation, trade this for 100 pips since we have a big AB swing in play.

GBP/USD DAILY FORECAST 12 JULY 2011

GBP/USD

No trade setup yesterday.

Price continued to fall as expected yesterday, although it didn’t give us an entry. We are now waiting for a new B to form,  once we have that we can pull fibs, until then no trade setup.

SHORT: WILL ONLY BE GOING SHORT IF:

We need price up at the 618/786 and a bearish cs formation for a short trade, but we need a B first, wait for a B and then draw fibs.

LONG: WILL ONLY BE GOING LONG TODAY IF:

First we need a B to form, until then no trade setups. Once we have a B we have to wait for a swing and a BF786 and a bullish cs formation. This might be a shallow bounce, but because of the big swing, trade it for 100 pips.  But we first need a B, right now it’s a least 2 hours away.

EUR/USD DAILY FORECAST 12 JULY 2011

EUR/USD

No trade setups yesterday on EUR/USD

We just about have a B formed. We have the A way up at 4373. Once we have the B we must wait for a BF786 to long, or a 618/786 higher up to short, both after cs formations.

SHORT: Will be going short only IF:

We rally up to the 618/786 and thereafter get bearish cs formations, trade the 618 for 100pips (since it’s a huge AB swing) and the 786 will be a PT to the BF786.

LONG: Will be going long today only IF:

We might not get a BF786 entry today, since we prefer to trade a BF786 after a swing, albeit a small swing, a swing is a few hours away at least, but we will monitor during the upcoming sessions. Maybe a test of the low and a dominant bullish cs will do as well. Wait and see.

GBP/USD DAILY FORECAST 11 JULY 2011

GBP/USD

Didn’t trade Friday, NFP day.

Price rallied up to the 618 during Fridays US session after the release of NFP data. It has since fallen back from there and today we are looking for a DA618 trading day, looking to sell rallies. We can only consider long trades once we get to the BF786 and then get a bullish cs formation.

SHORT: WILL ONLY BE GOING SHORT IF:

We have a DA618 trading day today, so we are looking for price to continue down. We are looking for a small rally and then a bearish cs formation to short, stop above the cs formation, limit 60 pips.

LONG: WILL ONLY BE GOING LONG TODAY IF:

Price falls down to the BF786 and gives us a bullish cs formation. Trade this as a PT to the 786 up at 6095 since we would have had a 618 prior.

EUR/USD DAILY FORECAST 11 JULY 2011

EUR/USD

No trade setups on Friday on EUR/USD – NFP DAY

We are waiting for a new B to form. We have the A up at 4373 and price took out the last low on Friday which was at 4220. Once we have the B  we must wait for a BF786 to long, or a 618/786 higher up to short, both after cs formations.

SHORT: Will be going short only IF:

We rally up to the 618/786 and thereafter get bearish cs formations, trade the 618 for 50 pips and the 786 will be a PT to the BF786.

LONG: Will be going long today only IF:

We might not get a BF786 entry today, since we prefer to trade a BF786 after a swing, albeit a small swing, a swing is a few hours away at least, but we will monitor during the upcoming sessions.

GBP/USD DAILY FORECAST 8 JULY 2011

NFP TODAY, THEREFORE NO TRADING.

GBP/USD

We are in a trade setup from yesterday when we had a BF trade, we are in at 5985. Will monitor the trade and attempt to exit before NFP.  Will not be trading today but here is the analysis anyway.

Price has gone sideways the whole day yesterday, the market seems to be waiting for NFP numbers out later today. We still looking to by bullish cs formations at current levels, or sell up at the 618/786.

SHORT: WILL ONLY BE GOING SHORT IF:

Price gets to the 618/786 and gives us a bearish cs formation, trade the 618 for 60 pips and the 786 to the BF786.

LONG: WILL ONLY BE GOING LONG TODAY IF:

We get a bullish cs from current levels. Trade it for 60 pips since it’s a shallow bounce.

EUR/USD DAILY FORECAST 8 JULY 2011

EUR/USD

No trade setups yesterday on EUR/USD.

Price fell yesterday taking out the B low and then rallying to take out the A high again doing a bullish reversal, so we have a new bullish AB swing. We can therefore only buy at the 618/786 and sell a BF786.

SHORT: Will be going short only IF:

We get a bearish cs formation at current levels, trade it for 50 pips since it’s a shallow bounce.

LONG: Will be going long today only IF:

We get a bullish cs formation after hitting the 618/786, trade the 618 for 50 pips and the 786 as a PT to the BF786.