EUR/USD
We lost 48 pips with the bearish engulfing cs that failed yesterday, we did get an evening star setup afterwards, but the stop was too big to take the trade.
Price fell after the evening star and fell all the way down to take out the B low, giving us a new AB downswing in play. We now need to wait for bearish cs higher up at the 618/786, or a buy down at the BF786 after a bullish cs formation.
We might be having a lower top in place up at 4453 and we might consider holding a short position for a few days if we enter higher up, and keep it down to 4000/3836.
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 (or hold as mentioned above), 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. Limits set at 60 pips since it’s a shallow bounce.
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