Thursday, 4 August 2011

EUR/USD 4 AUGUST 2011


EUR/USD
Our FO got filled at 4197, and limited out at 60 pips profit yesterday.

We are still in the AB downswing on EUR. Price bounced just shy of the 786 during Asia and gave us a bearish cs formation. We need a test of those highs and a bearish cs formation for a short trade setup. Long will be considered down at the BF786, after bullish cs formations.

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 in down to 4000/3836.

SHORT: Will be going short only IF:
We need a test of the Asian session highs and a bearish cs formation confirming the short entry, trade this as a PT to the BF786.

LONG: Will be going long today only IF:
We get down to the BF786 and get a bullish cs formation, this will be a PT to the 786.

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