Friday, 19 August 2011

EUR/USD 19 AUGUST 2011


EUR/USD
No entries on EUR yesterday, price just fell and took out the A low, doing a reversal.

Price went and took out the A low on the 1h chart, doing a reversal on this timeframe. We now have to wait for either a BF786 and a bullish cs formation to buy, or a sell up at the 618/786, after bearish cs formations.

SHORT: Will be going short only IF:
We get to the 618/786 and get a bearish cs formation, trade the 618 for 100 pips and the 786 to the BF786.

LONG: Will be going long today only IF:
We get a clear bullish cs formation from current levels. Trade this for 80-100 pips, even though it’s a shallow bounce.

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