EUR/USD
No Trade setup on EUR yesterday.
We are still in a downtrend on the 1H chart. We have a B low that formed yesterday giving us a new AB swing. We can sell a bearish cs formation after a rally to the 618/786, or buy down at the BF786 after a bullish cs formation setup.
If price just continues down without a 618/786 retracement then we have no trade setup as per our strategy. We will then have to wait for a B to form again and start all over again.
SHORT: Will be going short only IF:
Price rallies to the 618/786 and gives us a bearish cs formation, trade the 618 for 60 pips profit and the 786 will be a PT to the BF786. Stops above the cs formations, 50 pips max.
LONG: Will be going long today only IF:
Price gets down to the BF786 and then gives us a bullish cs formation. Trade this for 60 pips profit since it’s a shallow bounce. Stops below the low – max 50 pips stop.
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