Wednesday, 17 August 2011

EUR/USD 17 AUGUST 2011


EUR/USD
No trade setups yesterday on EUR.

Price rallied to the B high yesterday and fell back, we are looking for a further drop today with price testing yesterday’s highs first. Else if we keep rallying then we will have a new AB bullish swing in play.

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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