Tuesday, 16 August 2011

EUR/USD 16 AUGUST 2011


EUR/USD
We had a trade setup yesterday with a dip and a bullish cs formation, but the stop was once again too big to take the trade.

Price rallied beyond the B high yesterday giving us a new bullish AB swing. We now have to wait for a BF786 and a bearish cs to short, or a bullish cs after hitting the 618/786.

SHORT: Will be going short only IF:
We get to the BF786 and get a clear bearish cs formation. Trade this for 70 pips since it’s a shallow bounce.

LONG: Will be going long today only IF:
We get down to the 618/786 and get a clear bullish cs formation. Trade the 618 for 70 pips and the 786 will be a PT to the BF786.

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